Jul 25, 2011

BW Plantation 1H net profit jumps 99%

Palm oil producer PT BW Plantation Tbk (BWPT) reported a 99.4% increase in net profit for the first 6 months of this year due to higher CPO sales volume.
Kelik Irwantono, Corporate Secretary of BWPT in a press statement said the company, which is controlled by Tjipto Widodo, son of Indonesian businessman Budiono Widodo, booked Rp170.55 billion in 1H 2011 from Rp85.55 billion in 1H 2010.
Net margin increased to 35.8% from 31%. In line with the robust bottom line, BW Plantation's operating profit jumped 122% to Rp275.05 billion from Rp123.87 billion. In return, operating margin rose to 57.7% from 44.9%.
Gross profit rose 98.8% to 327.64 billion from Rp164.84 billion. Revenue increased 73% to Rp476.95 billion from Rp275.67 billion.
CPO sales volume rose 35% to 53,248 tons from 39,438 tons with average selling price of Rp7.77 juta per ton, a 19.4% higher than Rp6.50 million per ton.
BW Plantation's added new planting of 4,418 hectares. Total planted area was 56,476 hectares of the total land bank of 93,000 hectares.
Astra Agro performance
PT Astra Agro Lestari Tbk (AALI) booked a 99.39% increase in net profit of Rp1.27 trillion in 1H 2011 from Rp636.45 billion a year earlier.
The main driver for the profit increase was growth in sales volume. Investor Relations Tofan Mahdi, as quoted by Bisnis.com, said the increas was underpinned by sales volume that rose in 1H 2011. 
AALI's CPO sales rose 44.5% to Rp4.54 trillion from Rp3.14 trillion. CPO sales volume increased 18.7% to 566,744 tons from 466,639 tons.
CPO's average selling price increased 21.6% to Rp8,013 per kg from Rp6,590 per kg. The local market absorbed 94.8% of the total CPO sales  volume or 537,226 tons while the remining or 29,548 tons were exported. 

Disclosure: No position at the stock mentioned above.  

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