AGRIBUSINESS | Staff Reporter, Singapore

Bumitama Agri's 3Q net profit soared 31% to $25.3m

Revenue also rose 26.8% to $158.8m.

During the third quarter of the year and first nine months of 2016, Bumitama Agri recorded an increase in net profit after tax by 31.0% to IDR 238 b ($25.3m) and by 12.8% to IDR 625b ($67m), respectively.

The increase was mainly due to higher revenue, higher foreign exchange gain, and lower share of loss of associate companies.

Revenue increased by 26.8% to IDR 1,495b ($158.8m) in 3Q2016 and 6.5% to IDR 4,360 ($463m) in 9M2016, compared to the previous corresponding period which is attributable to increase in average selling price.

Sales of biodiesel during the period has improved and contributed approximately 5.1% to the Bumitama Agri’s total revenue. This was in line with the improvement of sales volume and price for biodiesel.

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