01 November 2018

Medan, (Analisa). Palm oil issuer from North Sumatra, PT Mahkota Group Tbk (MGRO) posted a positive performance in the third quarter of 2018 in line with increased sales and cost efficiency. Based on the company's financial statements, MGRO's total net profit as of the end of September 2018 reached IDR 50.73 billion.

The realization improved compared to the same period in 2017 which experienced a net loss of IDR 13.86 billion. The profit was supported by an increase in sales and operating income to IDR 1.47 trillion, growing 18.9% year on year. The increase in revenue was also in line with efficiency in terms of financial expenses to only IDR 30.21 billion from the previous IDR 42.19 billion.

Regarding assets, the company posted total asset growth from IDR 964.71 billion in September 2017 to IDR 1.04 trillion, or grew 8.3% (yoy). MGRO's source of income is supported by sales of CPO (crude palm oil), and the rest from sales of PK (palm kernel), storage tank rental services, shell sales and from other derivative products.

President Director of PT Mahkota Group Tbk Usli Sarsi stated that the positive performance was in line with the increase in the yield of oil palm fresh fruit bunches (FFB) which is expected to continue until the end of the year, and the first quarter of 2019.

Usli said he was optimistic that net profit by the end of the year could be above IDR 60 billion. The profit achievement is the effect of an increase in FFB due to a longer harvest period, cost efficiency due to maximized productivity.

In addition, the company, which was officially listed on the Exchange in July 2018, will also be more expansive from upstream to downstream of the palm oil industry. The company plans to build several factories such as for cooking oil products and other derivatives (refinery) and palm kernel crushing plant through its subsidiaries. (rel/ht)

Source : http://harian.analisadaily.com/ekonomi/news/kinerja-mahkota-group-kuartal-iii2018-positif/642150/2018/11/01