NBPO posts US$4.3mil profit drop

By YEHIURA HRIEHWAZI in Brisbane
NEW Britain Palm Oil (NBPO) recorded a drop in profit of US$4.3 million (K12.11 million) in the first quarter of this year, forced mainly by bad weather affecting fruits, road conditions and haulage.The company also announced that it will start operating its Liverpool refinery in England “within next month” and its chief finance director of 18 years David Dann will also leave the company in August.The announcements were made in Singapore as NBPO unveiled a profit of US$23.3 million (K3 million) for the three months to March 31, down from US$27.6 million (K78 million) in the same period last year. Sales climbed to US$82.1 million (K231 million) from US$73.8 million (K207 million).While the average price per tonne of crude palm oil climbed to US$767 (K2,154) from US$747 (K2,098), production fell to 86,025 from 87,690 tonnes.NBPO said Dann was “leaving the company to pursue other interests” and will work until Aug 31 to help smooth the handover. During the handover period his duties will be taken over by chief financial officer Amir Mohareb.Mohareb, who previously worked closely with Dann, is promoted to the top finance role and is expected to take up all of Dann’s operational duties following a three-month handover.Mohareb, who will “not immediately” join the board, currently works out of the PNG office and will transfer to the main office in Singapore following the promotion.Its production at the Liverpool plant will start processing crude oil delivered from its PNG plantations. “Progress at our UK palm oil refinery in Liverpool has been good and the plant is due to commence operations within the next month,” the company said.The group has already negotiated a series of multi-million pound supply deals with clients such as United Biscuits and cereals maker Jordans.Regular shipments from plantations in PNG will supply the Liverpool plant.