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OPIL profit up

KOTTAYAM: Oil Palm India Ltd. (OPIL), a joint undertaking of the Union and State governments, made a record profit of Rs.14 crore during the financial year 2008-09, V.B. Binu, Chairman of the company, said here on Thursday.

The achievement comes despite the plummeting price of palm oil in the internal market.

The company made the profit from a total revenue of Rs. 35.09 crore against the Rs.11.03 crore made from Rs. 29 crore during 2007-08. This price of crude palm oil had fallen to Rs. 19 a kg from the Rs. 50 a kg prevailing before the economy showed recessionary trends. Mr. Binu said the record profit could be achieved on account of the increased production from 10,000 acres (4046.97 ha) of oil palm plantation owned by OPIL at Eroor, Chithara, Kulathupuzha and Thodupuzha.

Sale of crude palm oil increased to 7,950 tonnes during the period from 5,445 tonnes during the previous year. Another crucial component of this year’s performance was the increased production from the seed farm at Thodupuzha.

The production had doubled to seven lakh units during the period through innovative application of scientific methods.

The production of crude palm oil from the newly commissioned unit at Bharatheepuram also contributed to the enhanced performance.

He said the company was planning to augment results of its expansion projects which had been put in place during the past two years.

The new kernel oil factory would go on stream in August.

The company expected an additional Rs. 50 lakh income from the unit in 2010, he said.

Agriculture Minister Mullakkara Ratnakaran attended the meeting of the OPIL Director Board here on Thursday. K N Ravindran, Managing Director, C.V. Ananda Bose, Additional Secretary, Ministry of Agriculture, and other directors were present.

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