Palm oil producer PT Gozco Plantations Tbk (GZCO) today reported a 21.33% decrease in net income last year as financial charges increased.
In a financial statement published today, Gozco posted IDR160.79 billion net income last year from IDR204.39 billion. Financial charges surged 207.91% to IDR71.25 billion from IDR23.14 billion, while net income from associated companies increased to IDR97.83 billion from IDR58.59 billion.
Despite the net income decrease, Gozco's operating profit rose 24.28% to IDR150.97 billion from IDR121.48 billion, sending a higher operating margin to 33.22% from 29.78%. Gross profit frew 30.97% to IDR192.46 billion from IDR146.95 billion.
Gozco booked IDR454.52 billion net sales, representing a 11.43% increase from IDR407.91 billion. The company intially estimated to post IDR150 billion net income in 2010. In fact, it has surpassed the target. Gozco is eyeing IDR180 billion net income this year, a 11.95% increase from realization last year.
Disclosure: No position at the stock mentioned above.
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