UPA United Plant Af

RNS Number:4027A
United Plantations Africa Ld
27 August 2002

                       UNITED PLANTATIONS AFRICA LIMITED

                              INTERIM REPORT 2002

        UNAUDITED INTERIM REPORT FOR THE HALF YEAR ENDED 30TH JUNE 2002



The Board of Directors presents its report based on the unaudited figures for
the half year ended 30th June 2002.

RESULTS

As advised in previous years, because of the seasonal nature of the Group's main
activity of citrus farming, expenditure is incurred throughout the year, whilst
the greater part of the income is received in the second half of the year.

Accordingly, the results set out below (which include estimated revenue figures)
are not indicative of the likely annual performance.

During the first half of the year the Company's major shareholder continued to
provide a standby line of finance to the Company. The Board is satisfied that
this facility, together with other available facilities, is sufficient to meet
the Company's current financial commitments.

PRODUCTION

Production figures for the half year, together with comparative figures for the
same period last year, and for the whole of 2001, are:



                                                           6 Months to                         Year to
                                                            30th June                       31st December

                                                    2002                   2001                   2001
Export Cartons ('000):

Oranges (15kg cartons)                               134                     93                    708
Grapefruit (15kg cartons)                            397                    377                    431
Limes (5kg cartons)                                   29                     63                     65
                                                     560                    533                  1,204

Local Sales (Tonnes)

Citrus                                             7,241                 14,890                 23,166
Limes                                                 41                     30                     93
Bananas                                            1,339                  2,012                  3,193
Sugar (Sucrose)                                    1,915                  1,631                  3,927



A higher packout percentage of citrus for export at Tambuti has led to reduced
tonnages for sale locally. Hail damage has delayed packing for exports as well
as local sales at Ngonini. Fruit size is better than achieved in 2001, and
production per hectare has improved at Tambuti as a result of the removal of
older orchards.

Ever increasing vigilance by inspection authorities in Europe and Japan has led
to higher proportions of fruit being graded out because of the incidence of
Black Spot. This fungal blemish is still evident, although control programs
applied on the estates have limited the incidences of the disease. The Company
is continuing to lobby for a less stringent control of this blemish factor.

Sugar yields have returned to normal after the lower yields achieved in 2001 due
to strict adherence to control programmes.

Lime production is lower this year due to hail damage at Ngonini at the end of
2001, and export volumes have been severely curtailed by poor quality fruit.
Forecast volumes are down due to climatic conditions.

Banana volumes per hectare are down on last year due to hail damage incurred
late in 2001 and also due to timing in the flowering cycle. Yields remain
relatively high for bananas cultivated under drip irrigation and the forecast
volumes for the year are expected to be achieved.

Unaudited revenue and expenditure for the six months ended 30th June 2002

The unaudited revenue and expenditure for the six months to 30th June 2002,
together with figures for the same period in 2001 and the summarized figures
extracted from the audited results for the year ended 31st December 2001, are
set out below:

(All figures expressed in R 000's)



                                                  6 Months to                                      Year to
                                                   30th June                                    31st December

                                      2002                            2001                           2001

                               Group         Company           Group         Company          Group        Company

Revenue                       26,880             325          26,884             325         57,733            650
Expenditure                   26,625           1,279          26,793           1,133         55,799          2,427
Net Profit before                255           (954)              91           (808)          1,934        (1,777)
taxation



Revenue and expenditure for the six-month period to 30th June 2002 is based upon
the actual costs incurred to date and 15kg equivalent carton sales for the
period at estimated selling prices and on confirmed sales prices where sales
have been completed.

Due to the inherent volatility of the fresh fruit markets and the fact that
revenues are confirmed towards the end of the season, the revenue figures at the
half year are generally not an accurate indicator of the performance for the
half year. The proportion of sales to date in the European market has been on a
par with previous years, except for 2001 where shortages in the market led to a
high proportion of fruit being sold earlier in the season.

PROSPECTS

Red grapefruit is selling relatively well in Europe and white grapefruit sales
in Japan are at prices better than in previous years due to limited volumes of
smaller fruit.

Marsh sales in Europe are under pressure, which may ease when the red grapefruit
volumes are exhausted.

Orange prices are under pressure in the Middle and Far East but oranges are
selling well in Europe due to depletion of Spanish and Moroccan orange stocks in
that market.

End season prices are expected to decline somewhat as in previous years, and
final sales will be later than in 2001.

Prospects for the full year will be affected by the lower yields at Tambuti.
Overall the estimated number of cartons to be exported as Class 1 has fallen
from the forecast level of 940,000 cartons to 860,000 cartons (15kg units). The
export industrial fruit forecast of 200,000 (15kg) cartons is expected to be
achieved.

Packout percentages have increased due to improved pest control and better fruit
sizes. Marsh packout has increased from 33% to 43%, and Texas Star Ruby from 37%
to 55%.

New citrus development and replantings will be established under the Open
Hydroponics System which is expected to improve fruit quality and size by
strictly programmed control of water and nutrients to trees.

The sucrose price per ton is higher than budgeted for the year.

Lime export volumes have been reduced by waste factors and size and by
oversupply and consequently lower prices in the Middle East. Demand for lime
juice remains strong.

While Banana prices weakened earlier during the year, prices appear to be
strengthening. The Banana volume forecast is expected to be achieved by the year
end.

On the basis of citrus sales and agents marketing reports to date, and presuming
estimated sales values are achieved by the remaining sales, the Company expects
to return a small profit in 2002.

DIVIDENDS

The policy of considering the declaration of only a final dividend each year
will continue.

EXCHANGE RATES

The Rand (ZAR) exchange rates as at 30th June 2002 were ZAR 15.6070 per Pound
Sterling and Danish Kroner 0.7370 per ZAR.



By Order of the Board

J Hebbert

Secretary

27 August 2002




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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