28 Sep 2006

PNG's Ramu Sugar to change business name

10:58 am on 28 September 2006

The Papua New Guinea company Ramu Sugar Ltd is changing its name to Ramu Agro-Industries Ltd.

RSL chairman Peter Colton says the move reflects the company's business interests better.

He said that the company's future depended on its core business of sugar and palm oil, while plans are in place to also get into peanut and cashew planting .

Mr Colton says while we had a very successful year last year, this year we are experiencing a periodic dip and cane production is around 20% down on last year.

RSL's profit after tax more than doubled last year to US$3 million from US$1 million in 2004 due to an increase in revenue sales.

The profit was the second highest in the company's history.