Lonsum's profit rises 43%

JAKARTA (JP): Plantation company PT PP London Sumatra (Lonsum) increased its net profit by 43 percent to Rp 43.98 billion (US$16.98 million) for the first semester of this year, up from Rp 30.71 billion in the corresponding period of last year.

The company said yesterday that its total revenue was Rp 100.88 billion in the Jan.-to-June period of this year.

The company's president, Geoffrey Brown, attributed the company's success to its consistent drive to meet production targets and also high palm oil and rubber prices.

Palm oil production increased 12 percent to 49,127 tons compared to the first half of last year, while rubber declined 3 percent to 8,030 tons, which was because some rubber plantations were converted to oil palm.

The company said that at an average price of US$554, its 48,505 tons of crude palm oil sales grossed Rp 53.97 billion.

Rubber sales exceeded Rp 27.44 billion at an average price of $1,459 for its 7,785 tons produced.