Astra Agro's profits soar

JAKARTA (JP): Publicly listed PT Astra Agro Lestari reported on Monday its net profits jumped by 146.6 percent to Rp 223.4 billion in 1998 from Rp 90.6 billion the previous year.

The soaring profits resulted from the increase in net sales to Rp 853.7 billion from RP 459 billion the previous year.

Sales of crude palm oil (CPO) made up 91.6 percent of the company's revenue last year. This was made possible by the rising price of CPO on the international market. Astra Agro's CPO prices averaged Rp 2,850 a kilogram last year, more than double the Rp 1,200 price the previous year. (rid)