JAKARTA (Yosefardi) – Investors focus buying shares of plantation companies although some have reported a drop in profit for the first nine months of this year.
BT Plantation jumped 4.55% to Rp920, London Sumatra surged 4.58% to Rp1,600, and Salim Ivomas climbed 3.85%. Gozco Plantations also rose 2.59% to Rp119. Astra Agro Lestari inched up 0.25%.
Astra Agro reported 42% drop in net profit to Rp965 billion on revenue of Rp8.3 trillion. Salim Ivomas’ profit dropped 85.7% to Rp184 billion, from previous Rp1.29 trillion, on revenue of Rp9.53 trillion.
London Sumatera reported 53.4% drop in net profit to Rp442 billion on revenue of Rp2.89 trillion. London Sumatra is subsidiary of Salim Ivomas.
BW Plantation’s net profit also fell 51.6% to Rp108 billion on revenue of Rp786 billion. Lower sales and higher cost cut Gozco Plantation’s net profit by 82% to Rp14.4 billion and net sales declined to Rp264.58 billion.