CPO producer PT Gozco Plantations Tbk (GZCO), a fierce competitor for PT BW Plantation Tbk (BWPT), reports a 41.74% increase in net profit.
In Gozco's financial report submitted to Indonesia Stock Exchange, the company posted Rp25.13 billion in net profit during the first three months 2010 from a year before of Rp17.73 billion, underpinned by gain of its associate subsidiary of Rp13.78 billion. Deducting the subsidiary's profit contribution, Gozco's bottom line should reach Rp11.35 billion. The company was also charged by financial expenses worth Rp15.21 billion in Q1 2010. Without gaining profit from associate company, I believe Gozco would suffer a net loss.
How about operational line?
It is similar to BW Plantation, Gozco also booked lower sales and operating profit. GZCO posted Rp93.48 billion in revenue as of March 2010, a 15.93 drop compared to the same period last year of Rp111.19 billion.
BW Plantation's revenue experienced a slight decrease by 1.7% from Rp112.64 billion in Q1 2009 to Rp110.76 billion.
Gozco's operating profit tumbled 26.72% from Rp32.41 billion in Q1 2009 to Rp23.75 billion in Q1 2010, putting operating margin under pressure from 29.15% to 25.41% in Q1 2010.
BW Plantation's operating income dropped 19.1% from Rp59.77 billion in Q1 2009 to Rp48.35 billion in Q1 2010, lowering operating margin from 53.1% to 43.7% in Q1 2010.
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