Aug 13, 2011

First Resources 1H net profit jumps 88.4%

Palm oil producer First Resources Limited, which has listed its shares at Singapore Exchange, reported a 88.4% jump in net profit for the first 6 months of this year, boosted by strong CPO prices as well as higher sales volume.
First Resources, parent company of non-listed CPO player PT Ciliandra Prakarsa, is 85% stake owned by businessmen Ciliandra Fangiono and his brother Cik Sigih, booked US$67.3 million net profit in 1H 2011 from US$35.7 million.
First Resources, that controls 95.51% shareholding in Ciliandra Perkasa, posted EBITDA of US$115.6 million, reflecting a 58.9% increase from US$72.8 million.
Profit from operations also rose 58% to US$104.7 million from US$66.3 million, while gross profit increased 86.2% to US$136.5 million from US$73.3 million.
First Resources made a 54% growth in sales to US$191.1 million from US$124.1 million.
Ciliandra Fangiono, Chief Executive Officer of First Resources said the 1H 2011 financials were aided by strong CPO prices. 
"In addition, our plantations’ recovery from biological tree stress and the growth in maturity of our trees enabled us to deliver an impressive set of operational results,” he said.
Operational performance 
Production of FFB and CPO in 1H 2011 increased 26% and 25.1% respectively, boosting the company's sales volume from its plantations and palm oil mills segment.  
First Resources's CPO sales volume rose 14.2% to 177,896 tons from 155,835 tons. FFB total increased 26% to 785,953 tons from 623,781 tons, while CPO production improved 25.1% to 186,718 tons from 149,294 tons. FFB yield increased to 9.2 tons per hectare from 8 tons per hectare.
First Resources' total planted area reached 126,883 hectares in 1H 2011 from 114,970 hectares. Mature area was 85,696 hectares and 41,187 hectares were immature area. 
Disclosure: No position at the stock mentioned above.
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