Astra Agro profit drops 51%

Plantation giant PT Astra Agro Lestari (AALI) Tbk booked net profit of Rp769.8 billion in the first half 2009, slashed 51% from the same period last year on lower prices of crude palm oil.

Astra Agro reported net sales revenue of Rp3.537 trillion, declined 23% from the same period last year. With higher cost of goods sold and general expenses, AALI recorded operating profit of Rp1.155 trillion, dropped 50% from Rp2.35 trillion in H1 2008.

With annualized EPS of Rp978, the stock is currently traded at PE multiple 19. AALI currently has market capitalization of US$2.89 billion.

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