InfoSAWIT, SINGAPURA - IndoAgri (Grup), the integrated palm oil company, the cooking oil producer, and listed in Singaporean Exchange (SGX) reported the work of the company which was not too good by the end of 2018. It happened for the decreasing profit of selling in the Plantation Division because of the cheap selling price. But some got balance from the good progress in Oil and Fat Division.
In the recent official statement to InfoSAWIT, it is said that though the palm oil production got better, the income in the plantation sector until the end of 2018 was not good because of the cheap selling price in average of the plantation sector.
The gross profit in the fourth quarter of 2018 and in 2018 decreased 42% and 28% for each namely because of the cheaper selling price of palm oil. Besides the Plantation Division, the result of fourth quarter in 2018 was influenced by the effects from the business combination under the same control which used the book value, not the fair value, and the jointventure result which got smaller in numbers and the loss of fair value which derived from the cheap commodity.
IndoAgri reported that the net loss after tax reached Rp 362 billion in the fourth quarter of 2018 and Rp 427 billion in 2018 compared to last year. The loss from the main plantation reached Rp 186 billion in 2018 compared to the profits from the main plantations which reached 657 billion in last year.
“In 2018 the production of fresh fruit bunch in the main plantations and the CPO production increased 9% to be 3.375.000 tons and 921.000 tons. As it increased, we expand the capacity of palm oil factory reaching 45 tons of FFB per hour and would be finished in 2019,” Executive Director of IndoAgri, Mark Wakeford said. (T2)