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10 Oct 2018 | 09:22

DekelOil crude palm oil sales slump in Q3 as tighter inventories weigh

DekelOil said Wednesday tighter inventories kept a lid on sales of crude palm oil even as production grew in the third quarter of the year.

For the three months to 30 September, crude palm oil sales were down 24%, while production rose 13.5% to 5,371 tonne from a year earlier.

A 15% increase in year on year third quarter fresh fruit bunches (FFB) yields partially offset poor region-wide FFB harvest during the first-half of 2018 peak season, the company said. 'The strong year on year rebound in FFBs during the quarter and subsequent pick-up in CPO production at Ayenouan is most welcome and bodes well for production returning to more normal levels in 2019,' said DekelOil Executive Director Lincoln Moore. 'Having increased the mill's capacity in time for the 2018 peak harvesting season, we are ready to maximise production in 2019 should the recovery in yields extend to next year's high season and further into the future, as history suggests it should.' 'While lag effects stemming from the poor 2018 harvest continue to weigh on gross margins, we have managed to partially offset these by selling our produce at a premium to international prices.' At 9:22am: (LON:DKL) DekelOil Public Ltd share price was 0p at 3.85p

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