SINGAPORE (Aug 11): Kencana Agri losses for 2Q widened to US$6.7 million ($9.0 million) from US$2.9 million in the same quarter last year.

Revenue fell 7% to US$33.0 million in 2Q16, from US$35.5 million in the same period last year.

This was mainly due to lower crude palm oil (CPO) sales volume, which fell 14% from 56,016 MT in 2Q15 to 48,106 MT in 2Q16, as a result of low production caused by very dry weather.

“The dry weather from the El Niño affected global palm oil production in 1H2016 and its effect is likely to continue into 2H2016. The tighter supply however, resulted in only a modest increase in CPO prices in 1H2016,” says Kencana Chairman and CEO, Henry Maknawi.

“We expect prices to continue to remain volatile in 2H2016 and our focus will remain on productivity and cost control so as to be competitive in this challenging environment,” he adds.

Kencana Agri closed flat at 40 cents on Thursday.

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Kencana Agri’s losses widen to US$6.7 mil in 2Q

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