Indofood Agri net profit rises 65% to 252b rupiah on high selling prices
Tan Nai Lun
MAINBOARD-LISTED Indofood Agri Resources posted a 65 per cent rise in its net profit to 252 billion rupiah (S$23.5 million) for its first half ended Jun 30, from 152.7 billion rupiah a year ago.
This was mainly due to higher profit contribution from its plantation division amid higher selling prices of palm products, the agri-business group said in a bourse filing on Friday (Aug 12).
Earnings per share stood at 181 rupiah for the half-year, up from 109 rupiah in the same period a year ago.
Revenue fell 9.9 per cent to 8.07 trillion rupiah, from 8.96 trillion rupiah a year earlier. The company noted that it saw lower sales volume of palm products in the period, but this was offset by higher selling prices.
The company said sales volume of crude palm oil and palm kernel-related products fell mainly due a build-up of stocks during the period, as well as lower production of fresh fruit bunches (FFB) nucleus. Production fell due to replanting activities and adverse weather patterns. Meanwhile, the sales volume of oil palm seeds recovered strongly.
No dividend was declared for the half year, unchanged from a year ago.
Shares of Indofood Agri closed S$0.015, or 4.8 per cent, higher at S$0.33 on Friday.
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