PTPN III profit drops 60%

State-owned plantation company PT Perkebunan Nusantara III reported net profit of Rp210 billion in the first half 2009, dropped 60% from the same period last year on lower sales and margin.

According to the company's financial report published this morning, PTPN III reported net sales revenue of Rp2.01 trillion, declined 19% from the same period last year, while cost of goods sold increased 10%. As a result, PTPN recorded operating profit of Rp208 billion, slashed 73% from Rp779.5 billion in H1 2008.

PTPN III is one of the largest state-owned plantations with total asset of Rp5.13 trillion as of June 30, 2009. The company has total liabilities of Rp2.68 trillion. Government has repeatedly announced initial public offering (IPO) plan for this company, along with other state-owned plantations. It is not clear when the IPO will finally be materialized. (ya)

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