AFP issues profit warning

AFP issues profit warning

SINGAPORE (Dow Jones): Singapore's Asia Food & Properties Ltd. issued a profit warning Wednesday, saying its financial performance for the year ended Dec. 31, 2000 has "fallen short of expectations."

The company said it will report a consolidated loss for financial year 2000 by the end of March 2001.

Asia Food & Properties said lower crude palm oil prices and a weaker Indonesian rupiah, since the announcement of its interim results last September, have affected its financial performance for the year 2000.

At the end of September, the Indonesian rupiah stood at Rp 8,760 against the U.S. dollar. At 0502 GMT, it was trading at Rp 9,513.

Crude palm oil prices have also fallen since last September, the company said.