Mar 2, 2011

Bakrie Plantations FY10 profit triples

Palm oil producer PT Bakrie Sumatera Plantations Tbk (UNSP) is estimated to triple net income to Rp787.35 billion last year from IDR252.78 billion in the previous year.
"Our net income rose because of extraordinary income and higher average selling price [ASP]," said Bakrie Plantations' President Director Ambono Janurianto told Insider Stories today.
ASP last year surged 41.1% to US$905.5 per ton from US$641.8 per ton. Revenue surged 27% to Rp2.95 trillion from Rp2.33 trillion.
The biggest sales are dominated by crude palm oil sales of approximately 62.03% or Rp1.83 trillion. The number was up 8.5% from the previous year sales amounted Rp1.68 trillion.
CPO sales volume fell 18.7% to 227,376 tons from 279,821 tons. The decrease also occurred in kernel sales by 18.1% to 53,095 tons from 64.855 tons.
Rubber sales volume last year was flat to 30,211 tons from 29,217 tons in the previous year. And oleo chemical sales were 1,911 tons in last year.
Bakrie Plantations expects to double its revenue this year because CPO output will increase. Oleochemical sales is expected to contribute Rp2 trillion revenue. CPO production is estimated to rise 30% from 270,000 tons last year.
Disclosure: No position at the stock mentioned above.

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