IndoAgri Q2 profit more than triples to 99.3b rupiah

INDOFOOD Agri Resources' net profit more than tripled to 99.3 billion rupiah (S$10.1 million), or 0.75 Singapore cent per share, in the second quarter of the year on the back of improved production and contributions from a Brazil sugar operation, the palm oil producer announced on Friday before the market opened.

IndoAgri, which posted a net profit of 29.9 billion rupiah in the year-ago period, is not declaring any dividends for the current quarter, which ended on June 30.

For the first half of the year, net profit more than doubled to 269.8 billion rupiah from a year-ago 124.8 billion rupiah.

Revenue rose 15.4 per cent in the quarter to 4.1 trillion rupiah. Share of results from joint ventures grew to a 70 billion rupiah profit, a sharp improvement from a year-ago loss of 70.4 billion rupiah. IndoAgri said the improvement came from higher selling prices for CMAA, its sugar joint venture in Brazil.