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Astra's palm oil wing sees lower profit
Publicly listed palm oil firm PT Astra Agro Lestari (AALI) posted a decline in profit of 25 percent in 2013 to Rp 1
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ublicly listed palm oil firm PT Astra Agro Lestari(AALI) posted a decline in profit of 25 percent in 2013 to Rp 1.8 trillionmainly due to currency depreciation and falling commodity prices.
AALI, the plantation unit of diversified conglomerate PT Astra International, reported a modest growth in revenue, increasing 9 percent year-on-year to Rp 12.67 trillion compared to Rp 11.56 trillion in 2012, according to its full-year financial report published on Thursday.
Its cost of revenue increased by 19 percent to Rp 8.59 trillion, while its foreign exchange surged to Rp 443.78 billion from only Rp 826 million in the previous year.
Almost all of AALI's crude palm oil (CPO) production went to the domestic market, with only 1 percent being exported.
In 2013, AALI's average CPO price stood at Rp 7,277 per kilogram, down by 0.6 percent compared to 2012 when it sold for Rp 7,322 per kg. In the first six months of last year, AALI's average prices dropped by 15.71 percent to Rp 6,351 per kg compared to the same period the previous year.
