JAKARTA. In the third quarter of 2019, PT Eagle High Plantations Tbk. is estimated to be able to generate pre-tax profit after suffering net losses in the second quarter.
Investor Relations at Eagle High Plantations, Sebastian Sharp revealed that for the first time, the company could generate pre-tax profit, due to additional production from its Papua plantations. The estate is managed by the company's subsidiary, PT Tandan Sawita Papua [TSP].
"In the second quarter of 2019, our pre-tax loss was around Rp305 billion. Our estimation in July was based on the amount of fruit production and the average price of palm oil, we still recorded a loss of around Rp300 billion, "he told Bisnis recently.
For information, in the first semester of 2019, the company's total pre-tax loss was Rp 638.21 billion. That amount is far higher than the record from the same period last year of Rp 37.74 billion.
While the total revenue of the company in the first semester of 2019 was recorded at Rp 1.20 trillion, 14.24% lower than its record in the same period last year of Rp 1.40 trillion. (AM/AR)