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Agriculture company Dekel Agri-Vision reported roughly unchanged losses for the year as an uptick in production was offset by falling crude palm oil prices.
For the year ended 31 December 2019, pre-tax losses were €3.29m compared with €3.24 on-year on flat revenue of €20.9m.
Gross margin percentage fell to 8.1% from 8.3% as 'lower raw material costs due to increased availability of fruit was offset by 8.0% lower crude palm oil (CPO) prices and 1.1% point decrease in the CPO extraction rate,' the company said.
The company reported a 4% increase in production to 37,649 tonnes, but the average sales price per tonne of CPO fell 9% to €491.
Looking ahead, the company said that despite the macro challenges, it currently remained on track to report a positive half year Aadjusted earnings before interest, tax, deprecation and amortisation for 2020.
At 8:34am: (LON:DKL) DekelOil Public Ltd share price was -0.2p at 2.35p