Palm oil producer PT Gozco Plantations Tbk (GZCO) booked a 82.19% jump in net profit for the first quarter of this year, mostly driven by gain from associate company.
Gozco, which is owned by Surabayan's Tjandra Mindharta Gozali, posted Rp45.33 billion net profit or Rp9.13 per share in 1Q 2011 from Rp24.88 billion or Rp5.03 per share in 1Q 2010. Gain from associated company surged 147.39% to Rp34.09 billion from Rp13.78 billion.
However, at the operational line, Gozco's performance was flat. The company's operating profit was Rp23.83 billion, relatively flat from Rp23.75 billion. Net sales also inched up 1.18% to Rp94.58 billion from Rp93.48 billion.Tjandra Gozali, one of Surabayans' reachest 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, owner and founder of Wings Group. Kreisna is also Director at Gozco Plantations.
Disclosure: No position at the stock mentioned above.
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