Wednesday, October 28, 2009

Astra Agro profit declines

PT Astra Agro Lestari's profit dropped as lower palm oil prices reduced sales. Net income in the third quarter ended Sept. 30, fell 10 percent to IDR478.2 billion from IDR 532.4 billion rupiah. Sales declined 6 percent to IDR1.92 trillion. Palm oil has declined 23 percent since an eight-month high in May, reducing revenue at producers of the vegetable oil.
Drop in sales was the effect of the decline in global palm oil prices, the company said in an e-mailed statement today. Sales rose 8.8 percent from a year ago to 767,946 metric tons of crude palm oil.

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