Palm oil and oleochemical products maker PT Bakrie Sumatera Plantations Tbk (UNSP) today reported a 1,059.69% jump in attributable net profit for the first 6 months of this year on the back of strong net sales, driven by higher CPO price and sales volume.
Bakrie Plantations booked Rp408.79 billion attributable net profit in 1H 2011 from Rp35.35 billion in 1H 2010, mainly underpinned by interest income that surged 2,635.75% to Rp52.80 billion from Rp1.93 billion.
Operating profit surged 101.17% to Rp654.10 billion from Rp325.14 billion. However, operating margin was flat at 28% as a result of higher costs.
Bakrie Plantations' gross profit rose 85.28% to Rp840.26 billion from Rp453.52 billion. But, gross margin declined to 36.47% from 39.98%, despite higher cost of goods sold that jumped 114.96% to Rp1.46 trillion from Rp680.78 billion.
Net sales soared 103.54% to Rp2.30 trillion from Rp1.13 trillion.
Disclosure: No position at the stock mentioned above.
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