Indofood Agri Resources Ltd (IndoAgri), CPO plantation company that is controlled by instant noodle maker PT Indofood Sukses Makmur Tbk (INDF), booked a 92.5% jump in net profit after tax last year to Rp2.05 trillion compared to a year before of Rp1.07 trillion due to gain from change in fair value of biological assets.
But, in terms of revenue, IndoAgro suffered a 23.6% drop in revenue last year as a result of lower average selling prices of plantation crops and edible oil products as well as tumble of cooking oil sales volume.
IndoAgro reached Rp9.04 trillion in 2009 revenue from previous year of Rp11.84 trillion. The company's 2009 EBITDA posted a slightly decrease by 3.3% from Rp3.09 trillion in 2008 to Rp2.99 trillion last year.
Despite lower EBITDA, IndoAgri enabled to jack up EBITDA margin from 26.1% in 2008 to 33% on lower operating expenses and foreign currency gains.
As of December 2009, IndoAgri owns a land bank of 547,287 hectares spread throughout Indonesia. Of this, 193,613 hectares and 21,738 hectares are planted with oil palm and rubber respectively. IndoAgri also has 12,370 hectares of other crops such as sugar cane, cocoa, tea, and coconut.
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