Jakarta (ANTARA News) - Oil palm plantation company PT PP London Sumatra Indonesia Tbk (LSIP) posted a net profit of Rp886.3 billion in the first half of 2011, a 112 percent surge compared to Rp417.8 billion in the same period last year.
"We are happy with the remarkable financial performance in the first semester of 2011 compared to the same period last year. We are also pleased that we can maintain sound financial condition fueled among others by a significant increase in palm oil and kernel production, LSIP President Director Benny Tjoeng said here on Tuesday.
He said palm oil production reached 199.4 thousand tons and palm kernel production 47.4 thousand tons in the first half of 2011, up 25.2 percent and 17.2 percent respectively compared to the same period last year.
"The increase in palm oil and kernel production resulted from a rise fresh fruit bunch production," he said.
He said total sales in the first semester of 2011 climbed 52.1 percent to Rp2.382 trillion from Rp1.566 trillion the same period last year.
The increase in sale value was attributable to the improving prices of commodities, particularly rubber and palm oil, and sale volume of palm oil products and oil palm seeds, he said.
"The first semester sales were 80.4 percent contributed by palm oil products, 13.7 percent by rubber, 5.3 percent by oil palm seeds and 0.7 percent by others. Meanwhile, in the first semester of 2010, palm oil products contributed 75.8 percent, rubber 17.7 percent, oil palm seeds 5.1 percent and others 1.4 percent to the total sales," he said.