Feb 25, 2011

Lonsum FY10 margins keep rising

Palm oil producer PT PP London Sumatra Indonesia Tbk (Lonsum) recorded a 46.1% increase in net income last year as sales rose 12.3%.
In a consolidated financial statement submitted to Indonesia Stock Exchange (IDX) last night, Lonsum posted Rp1.03 trillion net income or Rp151 per share last year from Rp707.5 billion or Rp105 per share.
Operating profit soared 37.4% to Rp1.39 trillion from Rp1.02 trillion, reflecting higher margin to 39% from 31.8%.
Gross profit also surged 27.4% to Rp1.77 trillion from Rp1.39 trillion. As a result, gross margin improved to 49.3% from 43.5%.
Sales advanced 12.3% to Rp3.59 trillion from Rp3.19 trillion due to higher commodities prices, mainly rubber and palm products, as well as higher sales volume of SumBio oil palm seeds.
CPO sales volume in 2010 decreased 5.8% to 352,437 tons compared to 374,134 tons in the previous year.
About 83% of the total CPO sales volume was sold to parent company, PT Salim Ivomas Pratama, which aims to set an IPO in June this year, increased from 41%.
Palm kernel products sales volume slumped 3.3% to 90,723 tons  from 93,796 tons. Rubber sales volume fell 17.2% to 18,318 tons from 22,110 tons.
At end of December 2010, the total planted area for Nucleus is 101,705 ha, of which 79% is oil palm, 17% is rubber, with the balance coming from other crops. Planting program for Oil Palm was 1,815 ha, of which 1,090 ha was new planting and 725 ha was replanting.

Disclosure: No position at the stock mentioned above.

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