Palm Oil Company Owned By Conglomerate Peter Sondakh Earns IDR 1.36 Trillion In Revenue, But Loss IDR 1.66 Trillion In The First Semester Of 2021

JAKARTA - The plantation company PT Eagle High Plantations Tbk achieved an encouraging performance in terms of revenue in the first six months of this year. However, the net profit post of the issuer codenamed BWPT was still recorded as a loss in the first semester of 2021.

In BWPT's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Wednesday 11 August, the company from the Rajawali Group owned by conglomerate Peter Sondakh succeeded in achieving Rp1.36 trillion in revenue for the period of June 30, 2021. This achievement increased compared to Rp1.22 trillion. in the same period the previous year.

The gross profit of BWPT was recorded at Rp233.49 billion in the first semester of 2021, up from gross profit of Rp124.54 billion in the same period the previous year.

Operating expenses were recorded at Rp174.35 billion, up slightly from Rp174.19 billion. Meanwhile, operating profit achieved Rp78.84 billion in the first semester of 2021 after recording an operating loss of Rp34.26 billion in the same period the previous year.

However, net other expenses rose to Rp1.78 trillion from Rp444.16 billion. This makes BWPT's loss before tax increase to IDR 1.70 trillion from a loss before tax of IDR 478.42 billion.

Loss for the current period attributable to owners of the parent entity BWPT also jumped to Rp1.66 trillion as of June 30, 2021 from the previous loss of Rp416.83 billion in the first semester of 2020.

Meanwhile, BWPT's total assets reached IDR 12.26 trillion for the period of June 30, 2021, down from total assets of IDR 15.06 trillion for the period of December 31, 2020.

PT Eagle High Plantations Tbk (BWPT) formerly known as PT BW Plantation Tbk, was established on November 6, 2000. The company's scope of activities includes plantation development, agriculture, trading, processing of plantation products and others.

The Company's line of business includes oil palm plantations and processed palm oil products, including plantation products and so on. These products include palm oil products, including crude palm oil and kernels.

The company started its commercial operations in 2004.