Bumitama had expected crude palm oil (CPO) to fall after Indonesia implemented a new tax structure.
Bumitama Agri’s blunder on locking in its 1HFY2021 forward sales contracts at 20% to 25% lower than current prices – excluding taxes and levies – has caused analysts to downgrade the palm oil company.
This is despite the Indonesia-based company’s stellar results for FY2020 ended Dec 31.
