Bumitama Agri's Q2 profit drops 26%

PALM-OIL planter Bumitama Agri reported a 26 per cent year on year slide in net profit to 217.08 billion Indonesian rupiah (S$22 million) for the second quarter ended June 30, due to the lower selling prices of crude palm oil (CPO) and palm kernel (PK), share of losses of associate companies as well as higher costs and expenses.

Revenue edged up 8 per cent to 1.58 trillion rupiah as the higher sales volume for CPO and PK was partially offset by lower selling prices. Earnings per share fell to 124 rupiah, from 167 rupiah a year ago.

For the half year, net profit sank 33.7 per cent to 398.66 billion rupiah and revenue increased 3.3 per cent to 2.92 trillion rupiah.