Feb 2, 2011

BW Plantation up 4.13% as margins rise

Palm oil producer PT BW Plantation Tbk (BWPT) today surged 4.13% to Rp1,260 per share after its performance last year has beaten forecast.
BWPT 2010's net sales reached Rp712.59 billion, higher than forecast of Rp669.50 billion. The company's net income was Rp244.73 billion last year, beating estimation of Rp220.18 billion. Earning per share reached Rp60.62, higher than estimation of Rp55.01. Referring to the earning, BW Plantation is currently traded at 20.78x of 2010 earning per share. 
BWPT's net sales rose 22% to Rp712.59 billion last year from Rp584.11 billion a year earlier. Gross profit advanced 27.1% to Rp463.85 billion in 2010 from Rp365.02 billion in 2009.
In line with the rise, BW Plantation's operating profit surged 43% to Rp370.14 billion last year from Rp258.86 billion the previous year. Operating margin increased to 51.9% in 2010 from 44.3% in 2009.
BWPT booked Rp244.73 billion net income in 2010, a 46.1% increase from Rp167.46 billion in the previous year, enabling the company to jack up its net margin to 34.3% from 28.7%. The higher net profit reflected the company's ability to foster net sales, in line with action to control costs.
"We can lift up out net sales bacause we achieved higher CPO average selling price by 22% to Rp7,236 per kg last year from Rp6,117 per kg in 2009," said BWPT Corporate Secretary Kelik Irwantono in the statement. Fresh fruit bunch slightly increased 8.09% to 397,528 tons in 2010 from 367,746 tons. However, CPO production slightly lowered 0.1% to 91,255 tons in 2010 from 91,382 tons in 2009.
Adding to that, fresh fruit bunch (FFB) yield declined 3.7% to 26.4% from 27.4%. CPO yield fell 10.8% to 6 tons per hectare from 6.7 tons per hectare. BW Plantation CPO sales volume increased 1.6% to 91,382 tons from 89,965 tons.

Disclosure: No position at the stock mentioned above.

Print This Article

No comments: