CPO producer PT Bakrie Sumatera Plantations Tbk (UNSP) today reported a 7.54% decrease in net profit last year despite a strong growth in net sales.
Bakrie Plantations posted Rp744.89 billion net profit or Rp54.80 a share last year from Rp805.63 billion or Rp67.56 a share a year earlier.
Gross profit increased 39.84% to Rp1.79 trillion from Rp1.28 trillion, but the company's gross margin fell to 40.96% from 43.54% on the back of higher cost of goods sold. Net sales rose 48.64% to Rp4.37 trillion from Rp2.94 trillion.
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