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SIP - Sipef NV News Story

€44.1 -0.3  -0.7%

Last Trade - 4:35pm

Sector
Consumer Defensives
Size
Mid Cap
Market Cap £400.8m
Enterprise Value £473.8m
Revenue £198.1m
Position in Universe 341st / 847

BRIEF-Sipef Palm Oil 9-Month Production Down 10.4%

Thu 17th October, 2019 6:12am
Oct 17 (Reuters) - Sipef NV  SIFB.BR :
    * INTERIM MANAGEMENT REPORT OF THE SIPEF GROUP AS PER 30
SEPTEMBER
2019
    * THE TOTAL PALM OIL GROUP PRODUCTION DECREASED BY 10.4%
OVER THE
FIRST NINE MONTHS OF THE YEAR
    * DEMAND FOR PALM OIL, FOR BOTH FOOD AND BIODIESEL PURPOSES,
WAS
STRONG IN AUGUST
    * TO DATE, SIPEF HAS SOLD 88% OF ITS PALM OIL PRODUCTION FOR
2019
AT USD 571 PER TONNE CIF ROTTERDAM, PREMIUMS INCLUDED
    * SIPEF WILL CLOSE THE FINANCIAL YEAR WITH A LOSS
    * DUE TO EXCEPTIONALLY LOWER THAN EXPECTED PRODUCTION
VOLUMES FOR
Q4, RECURRING RESULTS FOR H2 WILL NOT BE BETTER THAN THOSE OF H1
    * PALM PLANTATIONS IN PAPUA NEW GUINEA WERE HIT THREE TIMES
BY
VOLCANIC ERUPTIONS FROM MOUNT ULAWUN, AND THIS LED TO A 48.6%
FALL IN THE PALM OIL PRODUCED FOR THIRD QUARTER
    * DEPENDING ON FUTURE GENERATED CASH FLOW, AND SUBJECT TO
TEMPORARY LOWER PRICES FOR PALM OIL, RUBBER AND TEA, REPLANTING
AND EXPANSION PROGRAM MAY BE DELAYED TO AVOID HIGHER DEBT RATIO.
    * IN THE FOURTH QUARTER THE ACCUMULATED BACKLOG OF 10.4%
OVER THE
FIRST THREE QUARTERS WILL BE PERPETUATED

Source text: https://bit.ly/2Jco8gv
Further company coverage:  SIFB.BR 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))
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