Glenealy Plantations (Malaya) Bhd's pre-tax profit for the first quarter ended Sept 30, 2010 increased to RM14.204 million from RM8.667 million in the corresponding quarter of 2009.

Revenue rose to RM42.606 million from RM41.062 million previously, it said in a filing to Bursa Malaysia.

Glenealy said with crude palm oil (CPO) prices expected to remain firm and its CPO production to increase with the group's matured areas moving to higher-yielding profiles, the outlook for the group was expected to be favourable.

'The outlook for CPO price remains positive supported by a general recovery in the world economy,' it said.

Glenealy said CPO price has been trending up since July 2010 because supplies had been constrained by slower palm oil production growth in Malaysia and Indonesia coupled with dry weather which affected the sunflower seed and rapeseed crops in Russia and Ukraine.

'A weaker US dollar and stronger crude petroleum prices also supported the higher prices for vegetable oils,' it said.
Demand has been holding up well due to the population and per capita consumption growth in the developing countries, it said. -- Bernama