JAKARTA (Yosefardi) – Palm oil producer PT Provident Agro (PALM) Tbk booked net loss of Rp89.5 billion in the first half of 2013, down slightly from Rp100.8 billion in the corresponding period of 2012.
PALM actually posted higher sales revenue of Rp299 billion against Rp275 billion in the first half of 2012, but higher costs of goods sold cut its gross profit to Rp54.6 billion.
PALM’s operating expenses also increased to Rp47 billion in the period, but other expenses dropped substantially to Rp90.8 billion from Rp100 billion in the first half of 2012.
PALM then posted net loss of Rp89.5 billion or Rp18 per share.
Rarely traded, PALM shares closed at Rp435 Friday (August 2nd). At this price, Provident Agro has market capitalization of Rp2.14 trillion or about 2.7 times equity as at June 30, 2013.