Aug 12, 2011

Salim Ivomas 1H profit jumps 113.8%

Diversified agribusiness company PT Salim Ivomas Pratama Tbk (SIMP) today reported a net profit jump of 113.8% to Rp885 billion in the first half of this year from Rp414 billion a year earlier.
These steep growth was a result of higher profitabilities, shown by both gross margin and operating margin that improved to 37.5% and 26.7% respectively, said an official statement filed to Indonesia Stock Exchange today.
SIMP's gross profit increased 57.1% to Rp2.29 trillion from Rp1.46 trillion, along with improvement of operating profit which rose 81.9% to Rp1.64 trillion from Rp901.9 billion. 
Consolidated revenue of SIMP rose 45.8% to Rp6.14 trillion from Rp4.21 trillion, mainly attributable to higher sales volume and average selling price of edible oils and fats products as well as higher sales volume of palm products.
Operational performance
Fresh fruit bunches (FFB) output increased 19% to 1.71 million metric tons from 1.43 million metric tons.
CPO production grew 18% to 381,000 metric tons from 323,000 metric tons.
Salim Ivomas managed a nucleus planted area of 242,319 hectares, slightly flat from 242,107 hectares. Mature area of oil palm reached 154,939 hectares in 1H 2011 from 155,400 in 1H 2010, while immature area was 50,260 hectares from 49,664 hectares.
Rubber area was 37,120 hectares from 37,043 hectares, sugar cane reached 11,553 hectares from 11,302 hectares.

Disclosure: No position at the stock mentioned above.  

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