Oct 28, 2011

Lonsum, Salim Ivomas post strong profit

CPO producer PT PP London Sumatra Indonesia Tbk (LSIP) and edible oil maker PT Salim Ivomas Pratama Tbk (SIMP) reported a 104.5% and 108% jump in net profit for the period of January-September this year on the back of higher revenue.
London Sumatra (Lonsum) booked Rp1.31 trillion net profit and Salim Ivomas reported a Rp1.27 trillion net profit.
Salim Ivomas's operating revenue increased 44.79% to Rp9.41 trillion in 9M 2011 from Rp6.5 trillion in 9M 2010, while Lonsum's operating revenue rose to Rp3.52 trillion from Rp2.4 trillion. Salim Ivomas's CPO production grew 16% to 606,000 tons from 524,000 tons, while fresh fruit bunch increased 10% to 2.02 million tons from 1.83 million tons. Lonsum's CPO sales rose 15% to 586,000 tons.
Salim Ivomas is 72% owned by Indofood Agri Resources Ltd, PT Indofood Sukses Makmur Tbk of 6.4%, and public holders own the remaining shares.
Disclosure: No position at the stock mentioned above.

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