BOPP sees hard times ahead
Arku Jasmine
Business News
The Benso Oil Palm Plantation (BOPP) is anticipating a difficult ending for the 2013 financial year after posting a 124.7 per cent loss in the first nine months.
The company’s financial statement for the third quarter showed that profit after tax came down to some GH¢4.9 million from the GH¢11.01 recorded in the period before.
The decline in net profit was influenced by a corresponding 22 per cent dip in gross revenue over the period under review.
BOPP’s latest results, however, showed that its cost of sales increased marginally; rising from the GH¢22.3 million recorded in the first nine months of the year to GH¢22.8 million in the third quarter of 2013.
The company’s results, which were co-signed by two of its Board of Directors, were released through the Ghana Stock Exchange on October 29.
In the coming months, the company said its operations are expected to experience a general slowdown due to the continuous drop in world prices of crude palm oil.
“Quarter four has started with a downward trend in the world market price of crude palm oil (CPO) and palm kennel oil (PKO). With the lean season ahead, the performance in quarter four is expected to slow down compared with the first three quarters of the year,” the statement said.
BOPP, which is headquartered in Takoradi, is into the manufacturing and processing of oil palm plantation for the export and local market .
The company has, since the beginning of the year, been struggling to contain the effects of the consistent decline in the world prices of palm oil.
The decline has since led to a respective 21 per cent and 33 per cent decline in local prices of CPO and KPO over the past nine months.
By Maxwell Adombila Akalaare/Daily Graphic/Ghana
The company’s financial statement for the third quarter showed that profit after tax came down to some GH¢4.9 million from the GH¢11.01 recorded in the period before.
The decline in net profit was influenced by a corresponding 22 per cent dip in gross revenue over the period under review.
BOPP’s latest results, however, showed that its cost of sales increased marginally; rising from the GH¢22.3 million recorded in the first nine months of the year to GH¢22.8 million in the third quarter of 2013.
The company’s results, which were co-signed by two of its Board of Directors, were released through the Ghana Stock Exchange on October 29.
In the coming months, the company said its operations are expected to experience a general slowdown due to the continuous drop in world prices of crude palm oil.
“Quarter four has started with a downward trend in the world market price of crude palm oil (CPO) and palm kennel oil (PKO). With the lean season ahead, the performance in quarter four is expected to slow down compared with the first three quarters of the year,” the statement said.
BOPP, which is headquartered in Takoradi, is into the manufacturing and processing of oil palm plantation for the export and local market .
The company has, since the beginning of the year, been struggling to contain the effects of the consistent decline in the world prices of palm oil.
The decline has since led to a respective 21 per cent and 33 per cent decline in local prices of CPO and KPO over the past nine months.
By Maxwell Adombila Akalaare/Daily Graphic/Ghana