Nov 17, 2010

No doubt on Bakrie Plantations result

CPO player PT Bakrie Sumatera Plantations Tbk (UNSP) reported a 2.93% increase in net income as of September 2010 to Rp245.31 billion from Rp238.32 billion a year earlier as interest and financial charges rose.
Interest and financial charges steeply increased to Rp322.91 billion from Rp163.39 billion, said the financial statement of the company submitted to Indonesia Stock Exchange (IDX). This is also similar with its sister company CDMA-based telephone operator PT Bakrie Telecom Tbk (BTEL) which posted a higher financial charges.
Operating income of Bakrie Plantations increased 61.65% to Rp567.85 billion from Rp351.28 billion as a result of higher net sales, boosted by an increase of CPO prices. Gross margin rose 65.18% to Rp782.95 billion from Rp474.01 billion a year earlier.   
Bakrie Plantations' net sales rose 15.24% to Rp1.89 trillion from Rp1.64 trillion a year earlier, despite a lower cost of goods sold of 5.13% to Rp1.11 trillion from Rp1.17 trillion.
Keep growing
In the quarterly performance basis, Bakrie Plantations differs from Bakri Telecom. The CPO producer enables to maintain its growth.
Earning keeps increasing by posting Rp146.17 billion in 3Q 2010, the highest from two previous quarter earnings of Rp34.73 billion and Rp64.41 billion. Thanks to the CPO prices advance.
Operating income also rose to Rp235.14 billion in Q3 from Rp181.4 billion in 2Q and Rp151.31 billion. Cost of goods sold increased to Rp432.4 billion in 3Q from Rp346.97 billion in 2Q and Rp333.81 billion in 1Q.
The company's net sales grew to Rp761.84 billion in 3Q from Rp581.42 billion and Rp552.97 billion in 2Q and 1Q respectively.

Disclosure: No position at the stock mentioned above.

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