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Boustead Plantations expects CPO price to trend closer to RM3,000/tonne by 3Q
by Cals Fri 01 Apr 2016, 08:10
Boustead Plantations expects CPO price to trend closer to RM3,000/tonne by 3Q
By Kamarul Anwar / theedgemarkets.com | March 31, 2016 : 1:01 PM MYTKUALA LUMPUR (March 31): Boustead Plantations Bhd vice chairman Tan Sri Lodin Wok Kamaruddin said 2016 is "a better year" for the plantation group, with higher crude palm oil price, which it projected to hover around RM3,000 per tonne by the third quarter of this year.
Two factors will contribute to this uptrend, he said: the weaker ringgit year-on-year, and also the prolonged hot weather due to El Nino.
But Lodin did acknowledge the deleterious effect of this blazing hot climate to Boustead Plantations' production, given it being an upstream oil palm plantation company. Nonetheless, he said the higher CPO price would net out a positive contribution to the group.
Last year, net CPO price averaged at RM2,148 oer tonne, according to Boustead Plantations' annual report for the fiscal year ended Dec 31, 2015 (FY15).
The group is also ruminating to dispose of more non-core land bank, as part of its efforts to consolidate its land bank over the past few years, Lodin said.
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