Carotech sees profit on weak US dollar
Posted byCAROTECH Bhd, a producer of palm oil nutrients and biodiesel, is hopeful of returning to profits in the current financial year ending June 30 2010, as the weak US dollar means lower loan repayment. It posted a loss of RM17.46 million in 2009.
"We should be able to break even or make some profits this year as the weak US dollar leads to considerable paper gains in our loan repayment," said Carotech managing director David Ho Sue San.
About 60 per cent of Carotech's total borrowings are in US dollar.
About 60 per cent of Carotech's total borrowings are in US dollar.
"Also, since the start of 2010, sales of phytonutrients and biodiesel have been quite strong," he told Business Times in an interview in Kepala Batas, Penang, recently.
Carotech is supplying 60,000 tonnes of palm biodiesel worth RM170 million to energy trader Mercuria Energy Trading SA. The one-year contract expires at the end of this year.
Since Carotech is the pioneer in extracting and selling palm tocotrienols for medical and anti-aging use, Ho revealed that European clients are starting to buy more palm oil vitamin E to formulate supplements that prevent hair loss.
"We're optimistic of a breakthrough finding that will spur more neuro-protective studies in other countries. As the world population age, people look to natural and preventive medicine that can help preserve the quality of life of stroke victims and their loved ones.
"Natural medication of palm tocotrienols for stroke prevention is set to be a multi-billion dollar market," he added. Conducted by Universiti Sains Malaysia, Malaysian Palm Oil Board and Carotech's team of scientists, preliminary findings of this world's biggest human trial involving 400 volunteers consuming palm tocotrienols to prevent stroke will be revealed in January 2011.
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