SINGAPORE (Yosefardi) – Global Palm Resources booked revenue of Rp94.1 billion in first quarter of this year, grew by 41% from Rp66.8 billion in the same period of last year, mainly attributed by higher prices of sales in both crude palm oil (CPO) and palm kernel (PK).
Revenue from CPO sales increased 31.6% to Rp85 billion from previous Rp64.6 billion due to 46% hike in selling price despite a 10% decrease of sales volume. The company booked profit after income tax of Rp29.1 billion.
Global Palm had raised S$50.6 million from Initial Public Offering. Some S$0.46 million was utilized for the acquisition of other oil palm plantations and land banks are expenses incurred for the location permit for 7,170 hectares of land in Muara Lesan Village and Lesan Dayak Village, both located in Berau Regency, East Kalimantan.
The company has the option to acquire PT Cemaru, an Indonesian-incorporated company which holds Hak Guna Usaha (operating permit) to approximately 6,429 ha of oil palm plantation land in the Landak Regency in West Kalimantan.