May 11, 2011

First Resources 4M FFB output up 26.8%

Palm oil producer First Resources Limited, which has listed its shares at Singapore Exchange, reported a 26.8% growth in fresh fruit bunch (FFB) at end of April 2011.
First Resources, parent company of non-listed CPO player PT Ciliandra Prakarsa, 85% stake owned by businessmen Ciliandra Fangiono and his brother Cik Sigih, produced FFB of 503,188 tons in the first four months of this year (4M 2011) from 396,743 tons in 4M 2010.
First Resources controls 95.51% shareholding in Ciliandra Perkasa. First Resources reported a 25.5% increase in CPO production volume to 118,899 tons from 94,766 tons.
In December 2010, Ciliandra Fangiono family has entered aircraft business. The family has established a new subsidiary dubbed PT Matthew Air Nusantara with capital paid-in of IDR10 billion.
Fangiono family controlled 98% stake in Matthew Air Nusantara via PT Ciliandra Perkasa. Matthew Air Nusantara has principal activities in aircraft ownership and management. 
The establishment of Matthew Air is funded by internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group First Resources for the current financial year ending 31 December 2010. 
Along with the establishment, First Resources also sold three subsidiaries PT Dharma Bhakti Utama, PT Andalan Mitrasawit Sejahtera, and PT Panca Surya Agrosejahtera in a bid to streamline the operations of the Group. 
The subsidiaries, which had an aggregate negative net asset value of IDR3,69 million (approximately US$0.4 million) as at 30 September 2010, have been disposed to PT Fangiono Perkasa Sejati (FPS), for a total cash consideration of IDR13.25 million. 
As a result of the disposal, Dharma Bhakti, Andalan Mitrasawit, and Panca Agrosejahtera ceased to be indirect subsidiaries of the Group.

Disclosure: No position at the stock mentioned above.

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