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Friday, November 26, 2010

Gozco Plantations target 2011 net profit IDR180 bio

BI / exchange
11/11/2010
Irvin Avriano A.

Gozco Plantations target 2011 net profit IDR180 bio

JAKARTA: PT Gozco Plantations Tbk target a net profit to reached IDR180 billion next year, an increase of 20% from the targeted IDR150 bio at the end of this year.

Gozco Plantations Director Kreisna Dewantara Gozali said the company also targets revenue to increase by IDR425 bio by the end of this year.

He was optimistic the company will achieve the end of year target because the company's core farm production in 2ndH/2010 will still higher from 1stH/2010 production.

"Most of the raised production comes from our core, while the plasma is much reduced," he told the press today.

According to him, the company also set their capital expenditure of IDR250 bio next year for treatment of immature area of 12,400 hectares. Then the fund is also will used to open up new land area of 5,500 hectares, construction of palm oil mill with a capacity of 45 tons per hour, and the construction of the pier in South Sulawesi.

He says the company can save on transportation costs from the construction of the dock at the Musi River. The efficiency can reach 50% that comes from their truck cost of the truck, and can hauled 2,000 tons of CPO on one route.

However, according to him, the company has not been see much of increasing production together with the new dock because the planted area was small.

In the 3rdQ/2010, the company booked IDR291 bio revenue, a decrease of IDR305 bio from 3rdQ/2009. Their net income also declined from IDR127 bio per 3rdQ/2009 to IDR100 bio in the 3rdQ/2010.

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