Bumitama Agri's profits slumped 37.4% to $69.68m in 2019
Improved performance was attributed to improved palm oil prices at the end of 2019.
Bumitama Agri’s profits attributable to owners declined 37.4% to $69.68m (IDR 686.31b) in FY2019, from $111.68m (IDR 1.1t) in FY2018, according to a bourse filing. Full-year revenues also decreased, with a 8.2% fall to $782.57m (IDR 7.69t), from $ 852.79m (IDR 8.38t) in FY2018.
On a quarterly basis, Bumitama Agri posted a 26.1% jump in its profits attributable to owners to $26.55m (IDR 261.46b) in Q4 from $21.05m (IDR 207.37b) in the same quarter in 2018. Revenues grew 4% to $233.04m (IDR2.29t) for the quarter.
The improvement in the company’s quarterly financial performance was attributed to the improvement of palm oil price towards the end of 2019.
In terms of gross profits, the company recorded an 11% increase during the quarter, whilst for the full year, gross profits slumped 27.4%. The drop is due to weak palm oil prices for the whole of 2019 compared to 2018.