Revenue for the 1QFY2023 fell by 8% y-o-y to 3.60 trillion IDR. During the period, revenue contribution from crude palm oil (CPO) increased by 3% y-o-y as sales volume grew by 19% y-o-y following an inventory drawdown. According to the group, the higher sales volume more than offset the 14% drop in selling prices during the period. In the 1QFY2023, the ASP for CPO fell by 14% y-o-y to 11,700 IDR per kg. Production volume also fell by 10% y-o-y to 235,000 tons.
Bumitama Agri (SGX:P8Z
) has reported a net profit – or earnings – of 429.12 billion Indonesian rupiah (IDR) or $38.7 million for the 1QFY2023 ended March, 51% lower y-o-y.
The lower net profit was mainly attributable to the lower average selling prices (ASPs) as commodity prices normalised and fertilizer prices increased. That said, the figure still remains about 15% higher than the quarterly average seen in the past five years. It is also the second-highest quarterly figure on record, says the group.
