Bumitama Q4 earnings fall 21.2% to 363.61b rupiah on slower production

SLOWER palm oil and biodiesel production dampened results for palm oil producer Bumitama Agri (Bumitama) for its fourth quarter.

Net profit fell 21.2 per cent to 363.61 billion rupiah (S$35.16 million) from 461.58 billion rupiah, while earnings per share shrank to 208 rupiah from 263 rupiah in the previous year, the group said in a Singapore Exchange filing on Tuesday morning.

For the three months ended Dec 31, revenue fell 9 per cent to 2.07 trillion rupiah from 2.27 trillion rupiah in the year-ago period.

Despite the slower production in the fourth quarter, for the full year, revenue increased by 22.6 per cent to 8.131 trillion compared to the year before due to an overall increase in aggregate sales volume of crude palm oil and palm kernel.

Moreover, Bumitama recorded a higher net profit of 1.193 trillion rupiah compared to 1.005 trillion rupiah in the previous year.

The improved performance was primarily due to higher revenue, higher fair value changes in biological assets, and lower loss from associate companies, Bumitama said.

Net asset value per share expanded to 4,282 rupiah as at Dec 31, from 3,827 rupiah in a year ago.

Bumitama shares finished S$0.01 or 1.4 per cent up at S$0.72 on Monday.