JAKARTA (TheInsiderStories) - Two plantation companies PT Sampoerna Agro Tbk and PT Provident Agro Tbk reported net profit rise in 2016. Sampoerna Agro booked net profit of Rp459.36 billion, nearly doubled from previous year net profit of Rp255.89 billion. Its revenues reached Rp2.92 trlllion, compared to 2.99 trillion in previous year.
Its operating profit fell to Rp447.16 billion, from Rp508.56 billion in previous year. However, the company got tax benefits of Rp192.53 billion, compared to tax expense of Rp140.26 billion in previous year. It did not specify the details of tax benefits, but some listed companies took part in recent tax amnesty program of the government, helping them to write off portion of their past tax liabilities.
Meanwhile, PT Provident Agro Tbk, swings to net profit of Rp219.1 billion in 2016, after recording net loss of Rp55.34 billion. It managed to book revenues of Rp1.17 trillion in 2016, up from Rp1.05 trillion in previous year. It booked pre-tax profit of Rp250.65 billion, compared to pre-tax loss of Rp59.41 billion, boosted other revenues. (*)