Bumitama Agri Limited (BAL) has posted earnings of IDR685.14 billion ($64.3 million) for the 2HFY2020 ended December, 51.9% higher than earnings of IDR451.07 million in the corresponding period the year before.

For the FY2020, earnings surged 64.1% to IDR1.13 trillion, from IDR686.31 million a year ago.

Revenue for the 2HFY2020 grew 20.4% y-o-y to IDR5.10 trillion, while FY2020 revenue increased 18.3% y-o-y to IDR9.10 trillion due to higher average selling prices (ASPs) of crude palm oil (CPO) and palm kemel (PK).

Revenues for CPO and PK increased 18.6% and 39.3% y-o-y for the 2HFY2020 and 17.9% and 22.2% y-o-y for the FY2020.

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Increase in the group’s cost of sales, especially for the 2HFY2020, was due to costs for plantation maintenance, harvesting, plantation overhead, depreciation and amortisation, milling and Fresh Fruit Bunches (FFB) purchased externally (from plasma and external parties).

The group also reported an increase in fair value chang.es in biological assets of IDR26 billion based on market value of the agriculture produce as at Dec 31, 2020.

For the 2HFY2020, BAL registered a net foreign exchange gain of IDR54 billion due to the appreciation of the IDR against the USD.

SEE: Bumitama Agri’s earnings rebound not priced in, says DBS

On the other hand, the group saw a net foreign exchange loss of IDR49 billion for the FY2020 due to the overall depreciation of the IDR against the USD.

Earnings per share (EPS) for the 2HFY2020 and FY2020 stood at IDR392 and IDR645, from IDR258 and IDR392 a year ago.

The group will be paying a final dividend of an undisclosed sum for the FY2020. A dividend of 0.5 cents per share was declared for the FY2019.

As at end-December, cash and cash equivalents stood at IDR791.95 billion.

As at 9.26am, shares in BAL are trading 2 cents higher or 3.7% up at 56 cents.