Golden Agri 1Q profit soars 161%

The world’s second largest palm oil company with a total planted area of 443,500 hectares, Golden Agri-Resources Ltd, recorded a 161% jump in net profit for the first quarter of this year on the back of revenue jumped.

Golden Agri, parent of PT Sinas Mas Agro Resources and Technologies Tbk (Smart), posted US$231 million net profit in 1Q 2011 from US$89 million.

Earning before interest, tax, depreciation, and amortization (EBITDA) posted a 118% surge to US$306 million from US$140 million.

Golden Agri’s revenue soared 134% to US$1.46 billion from US$625 million.

The shinny results were supported by a 58% increase in average prices of CPO to US$1,296 per ton from US$765 per ton.

Golden Agri increased its mature area to 393,000 hectares from 365,000 hectares.

Palm products output grew 34% to 603,000 tons from 450,000 tons.

“We continue to deliver robust earnings and rise on the upsurge of palm oil prices,” said Franky Widjaja, Chairman and CEO of Golden Agri, in an official statement today.

Franky is son of Indonesian conglomerate Sinarmas Group which is controlled by businessman Eka Tjipta Widjaja.

Disclosure: No position at the stocks mentioned above.