Oct 29, 2010

BW Plantation reports profit drop 6.2%

CPO player PT BW Plantation Tbk (BWPT) today reports Rp142,23 billion net income during the first 9 months of this year, a 6.2% decrease from Rp151.61 billion a year earlier.
The decrease was mainly propelled by a slight sales drop.
In a press statement obtained by Bisnis today, despite the lower earning, BW Plantation's net margin inched up 0.3% from 33.7% to 34%.
Operating revenue suffered a 7% fall from Rp449.97 billion in 9 months last year (9M 2009) to Rp418.49 billion, mainly dragged down by a 14.6% decrease in CPO sales volume.
As of September 2010, the company sold 58,948 tons CPO from 68,946 tons in 9M 2009. Fresh fruit bunch (FFB) rose 3% to 270,563 tons from a year earlier.
Gross profit in 9M 2010 reached Rp271.65 billion, a 2.9% from Rp279.81 billion a year earlier. However, the company's gross margin rose from 62.2% to 64.9% in 9M 2010.
BW Plantation booked a slight decrease in operating profit of 2.6% from Rp217.88 billion in 9M 2009 to Rp212.18 billion. But, operating margin rose from 48.4% to 50.7% in 9M 2010.

Disclosure: No position at the stock mentioned above. 

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