Tuesday, September 28, 2010

Fima to expand oil palm plantation

Newly Planted Oil Palm, Plantations, Lowland Dipterocarp Rainforest, Sabah, Borneo, Malaysia Framed Art Poster Print by James Aldred, 22x18It intends to invest RM100mil and is looking for land in Sarawak and Kalimantan

KUALA LUMPUR: Fima Corp Bhd plans to invest about RM100mil to expand its oil palm plantation.

“We are looking at Sarawak and Kalimantan, Indonesia for the new plantations,” group managing director Roslan Hamir told Bernama after the company’s AGM in Kuala Lumpur yesterday.

For the financial year ended March 31, 2010, Fima’s oil palm plantation division generated a pre-tax profit of RM31.5mil on revenue of RM95.6mil. That compared with pre-tax profit and revenue of RM17.2mil and RM58.9mil respectively a year earlier.

On the Government’s initiative to commercialise second-generation biofuel using palm oil, Roslan said that at the moment it was not viable.

“The price of palm oil is high and unless it comes down, it will not be feasible,” he said.

Roslan said the project may only materialise if the Government made biofuel mandatory or gave subsidies. “Otherwise, it is impossible to venture into it,” he said.

Other than oil palm plantation, Fima’s units are involved in the trading, production of security and confidential documents as well as property management. — Bernama

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