Nov 13, 2010

First Resources 9M net income up 21.3%

First Resources Limited, Singapore-based parent company of CPO player non-listed PT Ciliandra Perkasa, recorded a 21.3% increase in net profit during the first 9 months period ended September 30 2010 to US$72.6 million from US$59.9 million in 9M 2009.
The bottom line increase was mainly underpinned by strong growth in sales, propelled by higher average selling price on CPO and higher sales volume aided by higher production volume.
First Resources posted a 39.8% rise in sales from US$151.75 million in 9M 2009 to US$212.21 million in 9M 2010.
In line with the increase in net profit, First Resources also booked a 60.6% jump in income from operations from US$77.09 million in 9M 2009 to US$123.83 million in 9M 2010. The steep jump was reflected by higher operating margin from 50.80% to 58.35% in 9M 2010.
Gross margin also skyrocketed 54.7% from US$87.75 million in 9M 2009 to US$135.74 million in 9M 2010, applying a higher gross margin from 57.82% to 63.96% in 9M 2010.

Disclosure: No position at the stock mentioned above.
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