Dec 22, 2010

Tunas Baru eyes Rp200 bio net profit

Lampung-based palm oil producer, PT Tunas Baru Lampung Tbk (TBLA), targets a net income of Rp200 billion by next year, up 20% from the estimated Rp160 billion net income this year.
Deputy President Director of Tunas Baru Sudarmo Tasmin confirmed that the target increase is in line with the 15.38% sales growth to Rp3 trillion from this year's estimation at Rp2.6 trillion.
This optimism, as he added, is supported by the expectation for the sales volume increase in crude palm oil (CPO) to 180,000 tons and palm kernel oil (PKO) to 150,000 tons with the better weather forecast next year.
"We are targeting the bottom line to grow by 20% to Rp200 billion and the sales to reach Rp3 trillion. We hope CPO sales will rise 20%. So far the largest sales contribution comes from CPO products, besides there are also PKO," he said today.
Meanwhile, during the first nine months of this year, the company posted a net profit decline by 47% to Rp124.04 billion compared to Rp233.36 billion at the same period last year.
It was caused by the loss in sales volume by 9% to Rp1.92 trillion from Rp2.11 trillion and the increase in operating costs by 23% to Rp166.71 billion from Rp135.96 billion.
Sudarmo also said the income in third quarter of 2010 fell due to the foreign exchange loss by 49% to Rp63.81 billion from Rp124.39 billion at the same quarter last year.
Disclosure: No position at the stock mentioned above.
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