Aug 30, 2010

BW Plantation 1H profit dips 20.14%

Palm oil plantation player PT BW Plantation Tbk (BWPT) today announces a 20.14% drop in net profit in the first half of this year on the back of revenue shrinking.
In the financial statement submitted to Indonesia Stock Exchange (IDX) today, BW Plantation posted Rp85.55 billion net profit or Rp21.19 per share in 1H 2010 from Rp107.13 billion or Rp34.12 per share a year earlier.
In line with bottom line drop, BW Plantation's operating profit slumped 28.07% from Rp172.21 billion in the first half of last year to Rp123.87 billion in the first half of 2010. In return, the company's operating margin fell from 55.13% in the first half of last year to 44.93%. Gross profit also shrank 21.65% from Rp210.38 billion in 1H 2009 to Rp164.84 billion.
Despite lower revenue, BW Plantation's cost of goods sold increased 8.68% to Rp110.84 billion in 1H 2010 from Rp101.99 billion a year earlier. Revenue dipped 11.75% from Rp312.37 billion in the first half of last year to Rp275.67 billion.

Disclosure: No position at the stock mentioned above.

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