KUALA LUMPUR, Nov 17 Asia Pulse - Glenealy Plantations (Malaya) Berhadhas booked group pre-tax profit of RM10.848 million (US$2.9 million) forits first quarter ended 30 September 2004, up 18 per cent year-on-yearthanks to to higher fresh fruit bunch yields.
Earnings before interest, tax, depreciation and amortisation [EBITA] forthe quarter was RM15.2 million, it said in a filing to Bursa Malaysia.
It said this has increased the group's cash position to RM109.8 million.
Group revenue for the current quarter climbed 13.6 per cent on-year toRM29.802 million.
Glenealy said the performance of the group for the coming financial yearwill depend on developments in the world edible oil market and theireffects on crude palm oil [CPO] prices.
The world demand for edible oil and fats is expected to increase driven bythe strong growth of demand in large population countries such as Chinaand India.
However, the weather factor will be a key variable to production and thusany major movement in price, it said.
It said the recent forecast of EI Nino possibly hitting the region hascaused many to predict that yields may fall and will cause a possibleincrease in CPO price for the currrent financial year.
Glenealy said the group has embarked on a programme to replant the olderpalms and incentives are in place to ensure effective and efficientmanagement of the estates and mills.
With this, the outlook for the Group remains positive as the Group'splantation maturity profile comprising young palms move into higheryielding years, provided palm oil prices remain at current levels.