Apr 29, 2011

Lonsum 1Q net profit surges 134.8%

Palm oil producer PT PP London Sumatra Indonesia Tbk (Lonsum) today announced a 134.8% jump in net profit in the first quarter of this year on the back of improvement in sales volume.
Lonsum booked Rp394.2 billion net profit or Rp58 per share in 1Q 2011 from Rp167.9 billion or Rp25 per share in 1Q 2010, sending its net margin to 33.5% from 24.7%. 
Profit from operation rose 121.6% to Rp528 billion from Rp238.2 billion, reflecting a steep margin to 44.9% from 35%.
Gross profit increased 92.4% to Rp624.5 billion from Rp324.6 billion. Lonsum booked Rp1.18 trillion sales, a 72.9% rise from Rp680.2 billion as a result of higher sales volume of palm products and SumBio oil palm seeds as well as higher prices of rubber and palm products.
CPO sales volume grew 38.2% to 95,720 tons from 69,265 tons. However, rubber sales volume dropped 29% to 3,440 tons from 4,843 tons and oil palm seeds increased 68.5% to 5.80 million seeds from 3.4 million seeds. 
Output of Lonsum's fresh fruit bunch recorded 383,012 tons from 314,180 tons in total. 
At end of March 2011, the company's total planted area for nucleus was 99,779 hectares, of which 79% planted with palm oil, 18% rubber, and the balance coming from other crops. 
Palm oil planted area reached 78,452 hectares, rubber of 17,603 hectares, and others of 3,724 hectares. 
Immature area of palm oil planted area reached 9,312 hectares and 69,140 hectares of mature area.
Lonsum is now controlled by Salim Group, which is steered by Indonesian tycoon Anthony Salim via its parent First Pacific Company.  PT Salim Ivomas Pratama controlled 32.21% stake in Lonsum.  
Indofood Sukses Makmur is a controlling shareholder in Indofood Agri Resources Limited with 68.95% shareholding interest. Indofood Sukses Makmur has also a 8.38% direct shareholding in Salim Ivomas Pratama. In turn, IndoAgri controls 90% shareholding in Salim Ivomas Pratama.  

Disclosure: No position at the stock mentioned above.

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