May 18, 2011

Gozco eyeing 31% growth in profit

Middle-size palm oil company PT Gozco Plantations Tbk (GZCO), which is owned by Indonesian businessman Tjandra Mindharta Gozali, is eyeing a 31% growth iin net profit this year on the back of higher-targeted sales.
Gozco is estimated to post Rp210.86 billion net profit this year from Rp160.79 billion last year. EBITDA is expected to grow 12% to Rp379.38 billion from Rp338.19 billion.
Gozco targets a 40% increase in sales to Rp637.08 billion this year from realized Rp454.52 billion last year.
Operational target
In line with the higher target in financial performance, Gozco expects a 33% increase in fresh fruit bunch output from nucleus area to 213,511 tons from realized 161,001 tons last year. CPO output is estimated to rise 37% to 70,754 tons from 51,563 tons last year.
Gozco aims to spend Rp350 billion capital expenditure this year for maintenance of immatured area of 11,719 hectares, to provide new area of 6,500 hectares, and construct palm oil mill and regional office in South Sumatra.
At end of March 2011, Gozco has 123,894 hectares of land bank, in which 33,147 hectares are planted area, consisting of mature and immature areas of 21,428 hectares and 11,719 hectares. 
Tjandra Gozali, one of Surabayans' richest businessmen, was born in Jember, a small city in East Java, in 1952. 
Tjandra is also a brother of Henry J. Gunawan, which owns publicly listed property developer PT Surya Inti Permata Tbk (SIIP).
Tjandra's elder son namely Kreisna Dewantara Gozali is a husband of Jean Katuari, second daughter of Eddy William Katuari, one of owners and founders of Wings Group. Kreisna is also Director at Gozco Plantations.

Disclosure: No position at the stock mentioned above.

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