Mar 18, 2011

Bakrie Plantations FY10 net profit soars

Palm oil producer PT Bakrie Sumatera Plantations Tbk (UNSP) booked a sky rocket net income by 218.71% last year due to the increase on net sales and profit from loan interest write-off.
In their financial statement, published today, Bakrie Plantations net profit was at Rp805.63 billion last year, higher than Rp252.78 billion in 2009.
However, earning per share of the CPO producer was only slightly up 1.24% to Rp67.56 than Rp66.73.
In 2010, Bakrie Plantations books profit from loan interest write-off at Rp525.98 billion. Foreign exchange gain recorded at Rp207.56 billion from Rp138.02 billion.
At the matter of operational, Bakrie Plantation’ operating profit rose 80.72% to Rp849.97 billion from Rp470.32 billion.
Thus, profit margin increased to 28.99% from 20.23%.
Even so, operating expenses surged 109.88% to Rp442.31 billion from Rp202.17 billion.
Gross profit increased 92.16% to Rp1,29 trillion from Rp672.49 billion. Bakrie Plantations net sales rose 29.20% to Rp3 trillion from Rp2.33 trillion.

Disclosure: No position at the stock mentioned above.

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