IndoAgri posts five-fold rise in Q1 EBITDA

30 April 2008 04:45  [Source: ICIS news]

SINGAPORE (ICIS news)--Indonesia’s IndoAgri has posted a more than five-fold surge in its first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) to rupiah (Rp)1,133bn ($122.9m) from Rp200.3bn year on year on strong revenues from its plantation and cooking oil businesses, it said on Tuesday.

The palm oil plantation firm more than doubled its revenues to Rp2,849bn from Rp1,202, while gross profit figures jumped to Rp1,177bn from Rp246.9bn in the quarter ended 31 March.

Revenue from its plantation segment soared to Rp1,810bn from Rp367.3bn on high crude palm oil (CPO) profit margins and increased output capacity from its recent acquisition of plantation firm Lonsum which contributed some Rp422bn to its EBITDA.

IndoAgri also reported a healthy 89.4% growth in earnings to Rp1,554bn in its cooking oil business segments on higher export sales volumes of cooking oil and margarine products.

Its commodity units’ revenues closed marginally higher at Rp328.3m from Rp304.8m year on year.

Moving forward, the company expected to plant some 35,000ha in 2008, expand new planting area to reach 250,000ha by 2010 and become self-sufficient in its CPO supply.

($1 = Rp9,217)

By: Serene Cheong
+65 6780 4359

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 16 October 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly