JAKARTA (Yosefardi) – State plantation firm PT Perkebunan Nusantara (PTPN) III, based in Medan (Sumatera), booked net profit of Rp240 billion in January-July 2013 period.
The company failed to reach its profit target as crude palm oil (CPO) price in global market declined to Rp7,100 per kilogram, from Rp12,000 in 2011.
The CPO price decline are caused by the European economy which has not recovered yet and the decline in China’s economy growth to only one digit growth from previous two digit.
India is the biggest market for Indonesian CPO products, followed by Europe and China.