IndoAgri Q4 profit falls 65.4% on lower plantation contributions, lack of one-off gain

SINGAPORE - Lower contributions from its plantation division and the absence of a one-off gain dented results for agribusiness player Indofood Agri (IndoAgri) in its fourth quarter.

Net profit for the fourth quarter ended Dec 31 fell 65.4 per cent to 76.94 billion rupiah (S$7.4 million) from 222.53 billion rupiah in the previous year as earnings per share shrank to 320 rupiah from 363 rupiah in the previous year, the group said in a Singapore Exchange filing on Wednesday morning (Feb 28).

For the quarter, revenue fell 15.7 per cent to 3.59 trillion rupiah from 4.26 trillion rupiah in the year ago period.

For the full year, revenue grew by 9 per cent to 15.83 trillion rupiah from 14.53 trillion rupiah the year. The increase was mainly due to higher sales contributions from the plantation, and edible oils and fats divisions.

However, net profit declined 11.7 per cent to 447.31 billion rupiah from 506.54 billion rupiah for the full year.

The decline was mainly attributable to lower gross profit arising from higher palm production costs, negative effects from foreign currency fluctuations, changes in fair values of biological assets, IndoAgri said.

Net asset value per share edged up to 8,671 rupiah as at Dec 31, from 8,478 rupiah in a year ago.

For the full year, IndoAgri has recommended a first and final dividend. Further details of the dividend will be made available before the end of March.

IndoAgri shares ended S$0.01 or 2.8 per cent higher at S$0.365 on Tuesday.