Jakarta (ANTARA News) - Publicly-listed plantation company PT Astra Agro Lestari Tbk (AALI) said its profit in the first quarter of 2012 plunged 42.75 percent to Rp390.58 billion from Rp682.23 billion a year earlier.

In a quarterly financial statement issued on Tuesday, AALI finance director Santoso said net income in the January-March 2012 period fell by 2.58 percent to Rp2.58 trillion from Rp2.76 trillion in the same period last year, leading to a drop in the net profit.

The drop was also caused by the cost of goods sold which rose to Rp1.84 trillion in the first three months of 2012 from Rp1.68 trillion in the same period last year, he said.

As per March 31, 2012, the company`s total assets reached Rp10.83 trillion, up from Rp10.20 trillion in the year ended on March 31, 2011.

AALI, a subsidiary of Astra Group, plans to spend Rp1.7 trillion on capital expenditure this year to develop its business.

Nearly 45 percent of the funds will be used to tend oil palm trees on 45,000 hectares of plantations, 33 percent to build a new factory, and the remaining 32 percent to repair road facilities and infrastructures. (*)

Editor: Kunto Wibisono
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