Bumitama Agri's earnings rose 9.7% to IDR292.27 billion ($30.5 million) in the fourth quarter ended Dec 31, 2015, from IDR266.43 billion a year ago.
This was despite the plantation group recorded a lower net profit after tax of IDR315 billion, down 5.6%.
The decrease was mainly due to lower selling prices for crude palm oil and palm kernel, higher cost of sales, selling, general and administrative expenses, finance costs, loss from fair value changes in biological assets and share of loss of associate companies.
Bumitama says it has implemented its costs containment programme to improve its financial results during the year.
Meanwhile, the group's revenue fell 7.8% to IDR1.45 trillion from IDR1.57 trillion previously, owing mainly to the decrease in average selling prices.
The decrease was, however, offset by the increase in sales volume.
Looking ahead, Bumitama says it will continue to focus on various initiatives of productivity enhancement, operational efficiency and effectiveness and capacity building.
It adds that weak global economic outlook, ample supply of oilseeds and stagnating demand from China have "adjusted" palm oil prices.
This was despite price support from low production cycle and the expected implementation of bio-diesel mandate of B20 and B10 in Indonesia and Malaysia respectively.
Bumitama says it will be paying a first and final dividend although it did not reveal how much. In FY14, the company had paid a first and final dividend of 1.5 cents per share.
Shares of Bumitama ended lower on Monday at 76.5 cents.
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This was despite the plantation group recorded a lower net profit after tax of IDR315 billion, down 5.6%.
The decrease was mainly due to lower selling prices for crude palm oil and palm kernel, higher cost of sales, selling, general and administrative expenses, finance costs, loss from fair value changes in biological assets and share of loss of associate companies.
Bumitama says it has implemented its costs containment programme to improve its financial results during the year.
Meanwhile, the group's revenue fell 7.8% to IDR1.45 trillion from IDR1.57 trillion previously, owing mainly to the decrease in average selling prices.
The decrease was, however, offset by the increase in sales volume.
Looking ahead, Bumitama says it will continue to focus on various initiatives of productivity enhancement, operational efficiency and effectiveness and capacity building.
It adds that weak global economic outlook, ample supply of oilseeds and stagnating demand from China have "adjusted" palm oil prices.
This was despite price support from low production cycle and the expected implementation of bio-diesel mandate of B20 and B10 in Indonesia and Malaysia respectively.
Bumitama says it will be paying a first and final dividend although it did not reveal how much. In FY14, the company had paid a first and final dividend of 1.5 cents per share.
Shares of Bumitama ended lower on Monday at 76.5 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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