JAKARTA - PT Sinar Mas Agro Resources and Technology Tbk. (SMAR), a plantation company, recorded a net profit of Rp 898.69 billion in 2019, 50.34% higher than its net profit in 2018 of Rp 597.77 billion.
Pinta S. Chandra, Investor Relations of SMAR, stated that the net profit growth was supported by foreign exchange gains, mainly from the conversion of debt denominated in US dollars into rupiah, as quoted from Bisnis.com today (8/4). For information, in 2018, the company recorded foreign exchange loss due to the weakening of rupiah.
In 2019, the company produced 822,000 tons of crude palm oil (CPO) and palm kernel oil (PKO), 1.43% lower than its record in 2018. (ARM/AR)