Meanwhile, Q4 earnings increased thanks to higher output.
Bumitama Agri Ltd. has reported a profit attributable to owners of the company of $187m (IDR2.29t) in fiscal year 2024 (FY 2024), down 6.6% from the previous year.
According to a bourse filing, this was despite a revenue of $1.36b (IDR16.73t) which increased 8.3% from last year. The 15.4% increase in the cost of sales to $1.01b (IDR12.37t) led to a 7.7% decline in gross profit to reach $356m (IDR4.36t) in FY 2024.
In the fourth quarter alone (Q4 2024), Bumitama Agri said its net profit surged to $67.95m (IDR832b) from $31.61m (IDR387b) in the same period last year.
"The accelerated financial performance in Q4 2024 was primarily driven by surging output as plantation estates managed by the group entered high cycle production," it said.
The company said Q4 production surged to its highest point for the year as previously guided. Fresh Fruit Bunches from internal sources spiked 27%, amounting to 1.02 million tonnes, or 5.6 tonne per hectare yield within the period.
$1 = IDR 12,243.97
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
Comment(0)
Reason For Report