State plantation PTPN V reports profit below target

State plantation PTPN V reports profit below target

Amal Bakti Pulungan. (ptpn5.com)

The price of crude palm oil in July was only Rp7,000 per kg ..."
Pekanbaru (ANTARA News) - State plantation company PT Perkebunan Nusantara (PT PN) V, reported a net profit of only Rp26 billion in the first half of this year making the annual target of Rp259 billion this year look beyond reach.

Realization was only 10 percent of the target after six months, company president Amal Bakti Pulungan said here on Monday.

Pulungan attributed the decline partly to commodity price fall to follow the oil price fall in the world market.

Oil price fall has resulted in shrinking prices of plantation commodities including palm oil the main commodity of the company, Pulungan said.

"The price of crude palm oil in July was only Rp7,000 per kg, far below expectation as set in its working program," he said.

In the first half of 2014, the company posted Rp119 billion in net profit.
(Uu.H-ASG/A014)

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