Oct 26, 2010

Gozco 9M net profit drops 21.13%

CPO player PT Gozco Plantations Tbk (GZCO) suffers a 21.13% drop in earning at the end of September 2010 as net sales tumbled.
In the financial report submitted to Indonesia Stock Exchange (IDX), Gozco reported Rp100.52 billion net profit or Rp20.10 per share in the first 9 months this year (9M 2010) from Rp127.45 billion or Rp25.49 per share in 9M 2009.
The profit contribution from associated companies to Gozco shrank from Rp64.50 billion in 9M 2009 to Rp58.21 billion in 9M 2010.
Despite lower earning, Gozco still enabled to jack up its operating profit 9.23% from Rp88.59 billion in 9M 2009 to Rp96.77 billion in 9M 2010, reflecting a higher operating margin from 28.98% to 33.21% as costs lowered.
In line with higher operating profit, Gozco's gross profit also inched 8.55% from Rp107.69 billion in 9M 2009 to Rp116.90 billion in 9M 2010. In return, gross profit climbed from 35.23% to 40.12% in 9M 2010.
Gozco dragged down cost of goods sold 11.89% from Rp198.02 billion at the end of September 2009 to Rp174.47 billion in 9M 2010.
But, net sales plummeted 4.69% from Rp305.71 billion in 9M 2009 to Rp291.37 billion in 9M 2010. CPO's sales abated 7.30% from Rp283.19 billion in 9M 2009 to Rp262.51 billion in 9M 2010.

Disclosure: No position at the stock mentioned above.

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