IndoAgri posts 66% rise in 1Q net profit to $74m

Mainboard-listed IndoAgri, the manufacturer of leading brands of edible oils and fats products in Indonesia, says it posted a 66% rise in attributable profit of Rp514 billion ($74 million) in 1Q11 vs 1Q10.

Revenue rose 38.6% to Rp2.9 trillion ($420 million) led by higher commodity prices and sales volume for palm products and palm seeds as well as edible oils and fats products.

Gross profit increased by 68.3% in 1Q11 to Rp1.3 trillion from Rp798 billion in 1Q10, primarily due to strong sales results from the plantation division.