Singapore-listed Indofood Agri Q3 net profit doubles on strong CPO prices
SINGAPORE, Oct 31, 2007 (Thomson Financial via COMTEX) — Indofood Agri Resources, an Indonesian palm plantation company listed in Singapore, said Wednesday its third-quarter net profit doubled to 310.22 billion rupiah from 148.14 billion rupiah a year before, supported by strong demand and selling prices for crude palm oil (CPO).
Sales rose 39.2 percent to 1.6 trillion rupiah.
The plantation division recorded sales of 196 billion rupiah, up 29.4 percent, while the cooking oil and edible fats division had sales of 1.3 trillion rupiah, up 40 percent.
Indofood Agri said it has completed its acquisition of London Sumatra, another Indonesian palm plantation company, for 5.7 trillion rupiah.
The acquisition, along with strong global demand for CPO, particularly in
