Gozco raise IDR600 billion loan

PT Gozco Plantations Tbk, raise IDR600 billion loan from PT Bank Mandiri Tbk. The loan will be use for expand plam plantations and refinery facility in Muara Enim, South Sumatra.

Gozco Plantations intends to allocate IDR200 billion fund to expand plantation areas next year.

Net profit of Gozco Plantations for nine months 2009 grew 72.88 percent into IDR127.45 billion from IDR73.72 billion last year following the acquisition of PT Palma Sejahtera.
As per September 30, 2009, the company booked IDR305.71 billion net sales or rose 24.20 percent from IDR246.15 billion last year. The significant sales growth happened thanks to the soaring production and sales volume.
In the first nine months 2009, the company palm oil production rose 23.16 percent as from 94,639 tons into 116,417 tons. Crude palm oil production rose 38.74 percent into 42,507 tons. Besides, the kernel production grew 29.16 percent as from 6,230 tons into 8,047 tons.
The swelling net sales were along with the growing sales major cost which rose from IDR133.14 billion into IDR198.02 billion. The corporate gross profit declined from IDR113.01 billion into IDR107.69 billion. The growing business cost of IDR6.94 billion also cut the business profit plummet as from IDR100.85 billion into IDR88.59 billion.