Global Palm Resources

Global Palm Resources: 4Q13 net loss narrowed to Rp13.2b from Rp83.4b, taking FY13 net profit to Rp11.5b versus a net loss of Rp37.5b. 4Q13 revenue rose 71% to Rp119.4b led by higher revenue from of both CPO (+73%) and Palm Kernels (PK) (+49%). Effectively, CPO sales volume was up 25% to 13,521 tons and PK sales volume was up 1% to 2,983 tons while average selling prices (ASPs) for CPO was up 38% and PK up 38%). Bottom-line was weighed by a Rp32.6b (-72%) loss from changes in fairvalue of biological assets and a 41% rise n admin expenses to Rp11.8b. The group is proposing a first and final dividend of 0.4c per share.