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Astra Agro Q1 sales volume declines, CPO selling price increases

JAKARTA (Rambu Energy) – PT Astra Agro Lestari Tbk, a plantation subsidiary of diversified PT Astra International Tbk, posted CPO sales volume of 314,211 tons in the first three months to March 2014 (Q1), down 17.9 percent from 382,902 tons in the same period last year.

The decline is “due to the impact from producting shifting of certain amount of CPO into Olein,” the company said. Olein sales volume from January until March, reached 30,799 tons.

Kernel sales volume reached 77,402 tons in the quarter, down 7.1 percent from 83,276 ons a year earlier.

Meanwhile, Astra Agro’s average CPO selling price until March has increased by 38.4 percent from Rp6,464 per kg last year to Rp 8,949 per per kg in the period. Kernel price also surged 108.8 percent to Rp 5,788 per kg from Rp 2,772 per kg.

In 2013, the company’s CPO sales reached 1.58 million tons, up 10.8 percent from 1.42 millon tons in 2012. Revenues reached Rp 12.67 trillion in 2013, up 9.6 percent from previous year. Gross profit declined by 6.3 percent to Rp 4.08 trillion driven by a decline of production from core plantation and a decline of CPO selling price. As a result, the company’s gross margin fell  to 32.2 percent in 2013, from 37.7 percent in 2012.

Its net profit attributable to the Owner reached Rp1.8 trillion, down 25.3 percent from previous year of Rp 2.41 trillion. The decline was in line with a decline of gross profit as well as foreign exchange losses. Earnings per share (EPS) also dropped to Rp1,143.93 per share from Rp1,530.57 per share a year earlier.

Total plantation area of the company in 2013 stood at 281,378 hectares. Of this, 220,021 hectares are core plantation (78.2 percent) and the remainder 61,357 hectares or 21.8 percent are nucleus plantations. Planted area reached 247,487 hectares, representing 88 percent of total plantation area, and the remaining 12 percent is unplanted area.

In 2013, the company replanted 10,720 hectares of its land. The amount of fresh fruit bunches (FFB) in 2013 declined by 6.8 percent to 5.12 million tons from 5.49 million tons in previous year. However, its CPO production increased by 4.2 percent to 1.54 millioin tons, added by the purchase of FFBs from other companies. (*)

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