Feb 25, 2011

IndoAgri FY10 profit after tax falls 7.2%

Indofood Agri Resources Ltd (IndoAgri) posted Rp1.91 trillion net profit after tax last year, a 7.2% decrease from Rp2.05 trillion in the previous year.
In an official statement today, profit from operations including biological assets gain fell 8.3% to Rp2.99 trillion from Rp3.26 trillion.
IndoAgri, a SGX listed vertically integrated agribusiness group and manufacturer of edible oils and fats, booked a 16.3% in gross profit to Rp3.75 trillion from Rp3.23 trillion, sending a slight increase in gross margin to 39.5% from 35.7%.
Gross profit hike was contributed by higher selling prices of palm products and rubber as well as higher sales volume of palm seeds. Revenue slightly rose 4.9% to Rp9.48 trillion from Rp9.04 trillion.
IndoAgri CEO and Executive Director Mark Wakeford said in 2010, the company planted 15,041 hectares of new oil palm and 3,630 hectares of sugar cane, increasing total planted area to 242,107 hectares from 227,721 hectares in 2009.
Planted oil palm reached 205,064 hectares, excluding plasma area, last year from 193,613 hectares.
Mature area was 155,400 hectares, an increase of 22,840 hectares from 132,560 hectares, while immature area reached 49,664 hectares, reduced 11,389 hectares from 61,053 hectares.
CPO production fell 3% to 740,000 tons last year from 763,000 tons, while fresh fruit bunch (FFB) slightly decreased 3% to 3.30 million tons from 3.39 million tons.

Disclosure: No position at the stock mentioned above.  

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