Astra Agro Lestari's net profit up 44%<\/p>\n
JAKARTA (JP): PT Astra Agro Lestari booked a 44 percent
\nincrease in net profit last year, reaching Rp 91 billion
\n(US$11.37 million) from Rp 63 billion in 1996.<\/p>\n
Finance director Benny Tjoeng said over the weekend that the
\ncompany, a plantation subsidiary of PT Astra International,
\nrecorded net sales of Rp 458 billion last year, an increase from
\nRp 342.09 billion.<\/p>\n
The company projected to record a total net sales of Rp 1
\ntrillion this year due to the projected growth of export sales.<\/p>\n
\"We plan to export around 30 percent of our CPO this year.\"<\/p>\n
The company also expects to produce 300,000 tons of crude palm
\noil (CPO) this year, up from 254,000 tons in 1997.<\/p>\n
He said the firm exported about 12,500 tons of CPO last year.<\/p>\n
\"With increasing allocations of CPO for exports, we are
\noptimistic of reaching the sales target this year,\" he said on
\nthe sidelines of a public presentation of PT Astra Otoparts last
\nweek.<\/p>\n
The currently high price of CPO in the global market, he said,
\nwould be advantageous to the firm.<\/p>\n
He said the CPO currently sold at $680 per ton on the global
\nmarket, compared to $290 per ton domestically.<\/p>\n
\"We are lucky enough that the government will soon lift the
\nexport ban on CPO products by April 22,\" he said, referring to
\nthe deadline given by the International Monetary Fund to the
\ngovernment.<\/p>\n
Under the deal with the IMF, the government is required to
\nlift the export ban on CPO by April 22 and replace it with an
\nexport tax of 40 percent.<\/p>\n
Benny said the company was also optimistic of performing well
\nthis year as it was not burdened by significant foreign exchange
\ndebts.<\/p>\n
Astra Agro Lestari currently has foreign exchange debts of $15
\nmillion owed to the country's largest private bank, Bank Central
\nAsia of the Salim Group.<\/p>\n
Although the debts will mature this year, Benny said \"but we
\nstill have bank deposits worth $6 million\".<\/p>\n
He said the monetary crisis, which has seen the rupiah value
\nfall by around 70 percent against the American dollar, had not
\nadversely affected the performance of the company as it generated
\nsome of its revenue in dollars.<\/p>\n
Astra Agro Lestari and PT Astra International are listed on
\nthe Jakarta Stock Exchange. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/astra-agro-lestaris-net-profit-up-44-1447893297",
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"sponsor": "Okusi Associates",
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