Mainboard-listed palm-oil producer Global Palm Resources Holdings today reported a robust third quarter performance underpinned by improved volume sales and higher average selling price of crude palm oil (CPO).
For the three months ended 30 September 2011 (3Q2011), net profit attributable to shareholders surged 27% year-on-year to Rp13.8 billion ($2.0 million) while revenue rose 26% to Rp91.4 billion. This compared to net profit attributable to shareholders and revenue of Rp10.9 billion and Rp72.7 billion respectively in 3Q2010.
During the quarter, the group’s production of CPO and Palm Kernels increased 45% to 12,748 tons and 2,333 tons respectively and cost of sales increased by 39% to Rp67.4 billion in tandem with this.
Dr Suparno Adijanto, Executive Chairman and CEO, says, “While we are pleased with what Global Palm has achieved in 3Q2011, we are mindful of the challenges ahead in the palm oil sector. The uncertainty in the global economy has resulted in the fall in CPO prices in 3Q2011 as compared to 2Q2011’s, and prices are expected to remain volatile going forward. But the bottomline is that demand for CPO will continue to be driven by rising food requirements from China, India and emerging markets, as well as demand from the biofuel, oleochemicals and compound feed industries. Global Palm will remain focused on our plans to expand our operations and achieve a cost competitive model in the long run.”
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