Publicly listed palm oil producer PT PP London Sumatra Indonesia Tbk (Lonsum) today reports a 45.72% jump in net profit during the first half of this year on the back of shrinking costs.
In the financial statement submitted to Indonesia Stock Exchange today, Lonsum posted Rp417.78 billion net profit or Rp306 per share in 1H 2010 from Rp286.70 billion or Rp214 per share a year earlier. Operating profit rose 43.36% from Rp398.08 billion in 1H 2009 to Rp570.67 billion in 1H 2010.
Lonsum enabled to reduce both operating expenses and cost of goods sold (COGS) 11.98% and 3.33% respectively in 1H 2010. The company's operating expenses fell 11.98% from Rp204.18 billion in 1H 2009 to Rp179.71 billion in 1H 2010, while COGS abated from Rp844.17 billion in 1H 2009 to Rp816.04 billion in 1H 2010.
Lonsum booked Rp1.57 trillion sales in 1H 2010, a 8.28% increase from Rp1.45 trillion a year earlier. SIMP controls 32.21% stakes in Lonsum, Credit Suisse Singapore Trust SIMP owns 24.18%, Credit Suisse Singapore Trust Account Client Indofood Account Client Indofood Agri Resources Ltd holds 8.03%, and public share holders hold 35.58%. LINK
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