PT Bakrie Sumatera Plantations Tbk (UNSP) reported a 6.9% drop in net profit last year on the back of a steep plunge of net profit in the last quarter of 2011.
Bakrie Plantations, in a morning notes published by Mandiri Sekuritas today, booked Rp750 billion net profit last year from Rp806 billion a year earlier.
In the last quarter of 2011, Bakrie Plantations' net profit steeply plunged of 87.9% to Rp37 billion from the previous quarter of Rp305 billion.
At the operational line, operating profit rose 29.4% to Rp1.10 trillion from Rp850 billion. However, operating margin narrowed to 25.6% from 28.3%.
Gross profit increased 23.8% to Rp1.60 trillion from Rp1.29 trillion, while revenue rose 43.1% to Rp4.30 trillion from Rp3 trillion.
Bakrie Plantations booked a 38.9% increase in CPO sales volume to 330,000 tons from 237,508 tons. Palm kernel sales grew 35.1% to 75,000 tons from 55,523 tons.
Rubber sales volume slightly retreated 8.9% to 28,000 tons from 30,731 tons, while oleochemicals surged 2,202.5% to 44,000 tons from 1,911 tons.
Disclosure: No position at the stock mentioned above.
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