Palm oil producer PT Astra Agro Lestari said Monday (16/7/07) its first-half net profit rose 65% on year due to an increase in revenue from higher commodity prices, Dow Jones Newswires reported.
Agro said in a statement that its net profit for January-June rose to Rp682.5 billion from Rp414.7 billion a year earlier.
Sales during the first half of 2007 rose 26% to Rp2.4 trillion from Rp1.9 trillion a year earlier. The company said that crude palm oil prices averaged Rp5,222 per kg from January to June, up 56% from Rp3,351 per kg a year earlier.
Agro sold 398,787 metric tons of CPO in the first half of the year, down 16% from 476,597 tons a year earlier. The company attributed the drop in sales volume to drought that started since the fourth quarter of 2006.
Agro has said it plans to plant palm oil trees on some 17,000 hectares of land in 2007.