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Bumitama Q3 profit up 29% on improved palm production, palm oil prices

A RECOVERY in palm production as well as higher average selling prices of crude palm oil gave a boost to results for Bumitama Agri Limited (Bumitama) for its third quarter.

Net profit jumped 29 per cent to 266.25 billion rupiah (S$26.7 million) from the previous year, the group said in a Singapore Exchange filing on Tuesday morning.

For the three months ended Sept 30, revenue climbed 37.2 per cent to 2.05 trillion rupiah from the previous year.

Bumitama's cost of sales also increased by 34.7 per cent to 1.44 trillion rupiah for the third quarter

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The increase was mainly attributable to higher production volume, purchase price of external fresh fruit bunches and higher fertiliser application for the current period, it added.

Earnings per share expanded to 152 rupiah from 117 rupiah in the preceding year.

Net asset value per share increased to 4,087 rupiah as at Sept 30, from 3,827 rupiah in nine months ago.

Bumitama shares closed S$0.02 or 2.5 per cent higher at S$0.825 on Monday.