Sampoerna Agro’s (SGRO-HOLD-IDR2,650-TP:IDR2,700) 4Q09 bottom line came in at IDR78b, down 28.8% q-q but up 94.2% y-y, bringing FY09 bottom line to IDR282b (-35.9% y-y), 13% and 7% lower than our and consensus estimates. Worse than expected 4Q09 bottom line stemmed from COGS which jumped 13% q-q mainly driven by increase in fertilizer application in 4Q09 compared to previous quarter.
This coupled with operating expenses increased of 33.3% q-q has brought operating profit down 32.2% qq, bringing FY09 operating profit to IDR460b, still in line with our and consensus estimates. (Company, Bahana estimates)
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