April 23, 2020 / 5:51 AM / a month ago

BRIEF-Sipef Expects A Turnaround Into A Profit Position For 2020

April 23 (Reuters) - SIPEF NV:

* GROUP EXPECTS A TURNAROUND INTO A PROFIT POSITION FOR 2020

* THERE ARE NO CONSEQUENCES OF COVID-19 THAT HAVE HAD A MATERIAL DIRECT NEGATIVE FINANCIAL IMPACT ON OPERATING ACTIVITIES OF SIPEF GROUP

* ALL PRODUCTION UNITS HAVE REMAINED OPERATIONAL UNTIL NOW, WITHOUT LOSS OF VOLUMES OR YIELD PER HECTARE

* SEVERAL INDUSTRIAL INVESTMENT PROJECTS MAY BE DELAYED

* OUTLOOK FOR PALM OIL PRODUCTION FOR Q2 REMAINS MODERATELY POSITIVE

* Q1 GROUP’S TOTAL PALM OIL PRODUCTION GREW BY 6.6% COMPARED TO Q1 OF LAST YEAR

* HAS NOT YET HAD TO TAKE EXCEPTIONAL MEASURES TO SUPPORT COMPANY’S LIQUIDITY AND SOLVENCY DURING COVID-19 CRISIS

* APPROVED REPLANTING AND EXPANSION PROGRAM MAY BE TEMPORARILY DELAYED, THEREBY AVOIDING A HIGHER DEBT RATIO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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