February 16, 2017 / 7:50 AM / 6 months ago

BRIEF-Sipef FY revenue up 18.2$ to $267 million

Feb 16 (Reuters) - Sipef NV:

* Fy net result, share of the group, amounted to KUSD 39 874, or 113.1 pct up on 2015

* Fy operating income $47.5 million versus $21.5 million year ago

* Proposal for the distribution of a gross dividend of 1.25 euro ($1.33) per share, in line with the payout ratio of previous years

* Fy free cash flow of $13.3 million

* Q4 palm oil production 86,783 tonnes versus 77,307 tonnes year ago

* Fy revenue $267.0 million versus $225.9 million year ago

* 41 pct of our expected palm oil volumes for 2017 were sold at higher prices compared to 2016

* Positive palm oil production trend is generally expected to persist throughout the entire first quarter.

* Wintering at the rubber plantations at this time of year offers a varied picture of rubber volumes over the next few months

* For the time being banana production volumes still fall short of expectations, but are expected to recover towards the end of the first quarter.

* It is expected that somewhere during second semester of 2017 we will see a very strong production recovery with high yields

* Expects that there will only be a significant stock increase after middle of year, so that prices remain well supported Source text: bit.ly/2kAqnei Further company coverage: ($1 = 0.9430 euros) (Gdynia Newsroom)

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