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M.P. Evans ups palm oil production as prices rise

By BFN News | 01:48 PM | Friday 05 June, 2020


Palm oil producer M.P. Evans said the Covid-19 pandemic has had little effect on its operations, while reporting a rise in production and prices. Crude palm oil production for the for five months through May increased 35% to 106,000 tonnes. The average Rotterdam price for those five months was $659 per tonne, up from $533 on-year, despite pressure on prices from the pandemic. M.P. Evan said it realised an average price at mill gate of $550 per tonne, compared with $475 per tonne in 2019. 'Thanks to the strength of its balance sheet and positive operational cash flows, the group has the financial resources to deliver its planned investment programme,' the company said. 'Over the next three years, the group expects to commission new mills in Kota Bangun, Bumi Mas and Musi Rawas to maximise the oil obtained from its growing crop of fresh fruit bunches at the lowest cost.' 'The increasing maturity of its planted areas and the application of high operating standards means the board is confident in its ability to deliver crop growth which is the foundation for improving results.' At 1:48pm: (LON:MPE) M.P. Evans Group PLC share price was +35p at 595p Story provided by StockMarketWire.com

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