SENTUL – Within the first nine months of this year, Indonesian crude palm oil (CPO) producers, PT Astra Argo Lestari Tbk (AALI) recorded the company’s debt totaling US$493 million.
Rudy Chen, Financial Director of Astra Argo Lestari stated, “I may say that 100% of our revenue is in US dollar or US dollar linked,” at Astra International’s Media Workshop for Industrial and Automotive, in Sentul on December 4, 2015.
He explained that 30% of the revenue comes in US dollar because of the company’s olein export, a byproduct of refined CPO, while the remaining 70% that comes in Rupiah is actually US dollar linked.
“When it is in Rupiah, the Rupiah's value is calculated using the US dollar CPO price,” he added.
Within the first three quarters of this year, the Astra Argo’s revenue dropped -12% yoy to Rp10.3 trillion while net profit tanked -92% yoy to Rp145 billion.
Up until the September, CPO production stayed fairly consistent with last year’s figure; 1.29 million tons in 2014 to 1.28 million tons in 2015. (CH)