Oct 29, 2010

Lonsum 9M net profit rises 31.2%

Palm oil producer PT PP London Sumatra Tbk (Lonsum) enabled to jack up 9 months' net profit by 31.2% from Rp489.3 billion last year to Rp641.8 billion in 9M 2010, despite lower CPO output.
Lonsum, a subsidiary of Salim Group, in the financial report filed to Indonesia Stock Exchange last night, revealed that revenue sligth inched up 5.8% from Rp2.27 trillion at the end of September 2009 to Rp2.4 trillion.
But, sales coming palm oil-based products fell 4.2% from Rp1.92 trillion to Rp1.84 trillion. 
Sales of seeds soared 285.4% from Rp34.9 billion to Rp134.6 billion in 9M 2010 as well as rubber which posted a 43.9% growth from Rp271.4 billion to Rp390.2 billion.
Tea rose 27.5% from Rp12.7 billion to Rp16.2 billion, while cocoa sales decreased 32.3% from Rp30.2 billion to Rp20.4 billion.
Cost of goods sold shrank 3.9% and operating expenses lowered 1.5%, enabling Lonsum to jack up income from operations.

Disclosure: No position at the stock mentioned above.
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