Thailand’s Univanich triples Q1 net profits

15 May 2008 04:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Thailand’s Univanich Palm Oil has almost tripled its first-quarter net profits to baht (Bt)286m ($8.8m) from Bt102m year on year on higher crude palm oil (CPO) and fresh fruit bunches (FFB) sales and prices, the firm said late on Wednesday.

The firm’s revenue for the period ended 31 March also rose nearly 50% to Bt1.23bn on an 83% and 66% rise in CPO and FFB prices respectively, it added.

The sale of palm oil contributed more than 90% of its total revenue in the quarter, fuelled by strong local sales and margins as vegetable oils' prices increased to meet the rising consumption in developing economies and new demand for biofuels.

($1=Bt32.5)

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By: Serene Cheong
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