CPO producer PT PP London Sumatra Indonesia Tbk (LSIP) recorded a Rp299.1 billion net profit or Rp44 a share in 1Q 2012, a 24.1% decline from Rp393.9 billion or Rp58 a share in 1Q 2011.
Operating profit fell 34.06% to Rp337.75 billion from Rp512.23 billion, sending drop in margin to 33.75% from 43.56%.
London Sumatra's gross profit dropped 32.52% to Rp421.43 billion from Rp624.53 billion. while sales decreased 14.90% to Rp1 trillion from Rp1.18 trillion. The sales decline was a result of lower prices of palm product and rubber.
Operational performanceIn 1Q 2012, London Sumatra produced 91.33 million tons, a 4.6% decrease from 95.72 million tons. Rubber production slightly increased 7,8% to 3.71 million tons from 3.44 million tons.
Disclosure: No position at the stock mentioned above.
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