Published:
Bumitama Agri's net profit tumbled 41% to $18.4m in Q1
Due to low CPO prices, high finance costs.
Bumitama Agri reported that its net profit slipped 41% year-on-year to $18.4m (IDR 181b) in the first quarter, on back of persistently weak palm oil prices.
The group was also impacted by higher cost of sales, foreign exchange loss, and share of loss of associate companies.
In the quarter, Bumitama Agri recorded a net foreign exchange loss of $3.2m (IDR 32b) compared to a net gain of $3.2b (IDR 32b) in the same quarter last year, which was mainly due to translation of USD denominated borrowings in the group’s IDR financial statements as a result of the depreciation of IDR to USD during the period.
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