Indofood Agri Resources Ltd (IndoAgri), a major subsidiary of food giant PT Indofood Sukses Makmur, reported a 59% increase in sales to Rp6.5 trillion ($715 million) in 2007 from Rp4.09 trillion in the previous year, Asia Pulse reported Tuesday (4/3/08).
The better than expected performance was attributable mainly to larger sales and a leapfrogging increase in the price of crude palm oil, the company said in a report.
Operating profit rose 95% to Rp1.96 trillion and its net profit surged 34% to Rp740 billion, the subsidiary said.
The company is listed on the Singapore Stock Exchange but its entire operations in oil palm plantations are in Indonesia.
The company, with plantations in South Sumatra, West Kalimantan and East Kalimantan, also reported a strong growth in assets to Rp18.83 trillion from only Rp5.59 trillion.