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SIP - Sipef NV News Story

€45.3 -0.1  -0.1%

Last Trade - 09/04/21

Sector
Consumer Defensives
Size
Mid Cap
Market Cap £409.6m
Enterprise Value £483.2m
Revenue £199.9m
Position in Universe 339th / 848

BRIEF-Sipef Says Palm Oil Production Is Impacted By A Second Volcano Eruption

Mon 5th August, 2019 5:04pm
Aug 5 (Reuters) - Sipef NV  SIFB.BR :
    * SIPEF’S PALM OIL PRODUCTION IS FURTHER IMPACTED BY A 2ND
VOLCANO
ERUPTION AT HARGY OIL PALMS IN PAPUA NEW GUINEA.
    * THE IMMEDIATE EFFECTS OF THE SECOND ERUPTION ARE
COMPARABLE TO
THE FIRST ONE IN JUNE
    * IT IS LIKELY THAT 2ND ERUPTION WILL ALSO AFFECT PART OF
AUG
HARVESTING OPERATIONS AND QUALITY OF PALM OIL PRODUCED
    * NAVO PLANTATION, 950 HECTARES OUT OF THESE MOST AFFECTED
AREAS,
HAVE LOST SO MANY FRONTS THAT THEY WILL REQUIRE A UP TO TWO
YEARS’ PERIOD OF RECOVERY BEFORE PRODUCING BUNCHES AT NORMAL
YIELD AGAIN.
    * ON HARGY OIL PALMS:  FOR 2019 THIS PRODUCTION LOSS
REPRESENTS A
PRETAX LOSS OF ABOUT USD 14 MILLION
    * ESTIMATE OF EFFECT OF THE 2 ERUPTIONS AND HEAVY RAINFALL
IN H1
ON THE 2019 PRODUCTION LIKELY PROJECTS FOR A DROP OF SOME 19% ON
LAST YEAR’S PALM OIL AND PALM KERNEL OIL VOLUMES
    * ON HARGY OIL PALMS:  BUDGETS FOR 2020 WILL ALSO HAVE TO BE
REVIEWED ACCORDINGLY

Source text: https://bit.ly/2YOb6OY
Further company coverage:  SIFB.BR 

 (Gdynia Newsroom)
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))
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