CLSA Bakrie Sumatera (UNSP IJ) FY2009 results

Revenue and operating profit came in at Rp2.3tn and Rp470.3bn , -21% and -38% YoY mainly due to lower CPO price as CPO production relatively flat compare to last year at 156m tonnes. Net profit for full year 2009 is Rp253bn, increased by 46% YoY boosted by Rp138bn of forex gain (vs. –Rp243bn last year). However, this only account for 73% of our full year forecast due to one-off Rp83.5bn loss on written-off business development project.