Tuesday, June 28, 2011

Eterindo Wahanatama Will Build Two Palm Oil Factory

PT Eterindo Wahanatama Tbk, a company engaged in the field of renewable energy, agribusiness, and trade of chemical products, next year plans to build two palm oil mills to the needs investment of Rp236 billion. Director of Immanuel Eterindo he argued the construction of palm oil mills to the CPO in order to further integrate the company's business in the palm oil sector which was previously only to supply the raw material of biodiesel.

He explained the two factories each have a production capacity of 45 metric tons per hour and can be increased up to 60 tons per hour. "As the operation of these two factories in 2014, a total that have been mature plantations we [the harvest] is 7615 hectares," he said last week.

Senior Finance & Accounting Manager Eterindo Anton Hartono added construction financing needs of the plant will be funded from internal cash and bank loans with a composition of 30%: 70%.

"We've received permission from the principle of one of the largest state banks to fund the plantation project as a whole," he explained.

This year, the company allocated an investment of Rp210 billion for oil palm development with a target of planting 4150 acres. "We've got a working capital loan from Bank Mutirara Rp44 billion," he explained.

According to Immanuel, a company founded in 1992 by entrepreneur Sudiharta Sridjaja it will gradually leave the business in the chemical industry and began to focus on running the business of biodiesel and palm oil plantations.

He reasoned business transition was made because the profit margin earned from businesses in the chemical industry is very small, less than the biodiesel business and oil palm plantations. "Because of the chemical industry, we are only trading is not a manufacturer so small profit margins," he said.

According to him, gross profit margins of the chemical business is only about 2% -3%, while the margin of the biodiesel business reach 15% -18%.

Eterindo biodiesel business currently run by a subsidiary of PT Anugerahinti Gemanusa, while the business lines of plantation by PT Maiska Bhumi Persada Malindo Universe and the Equator.

This year the company after the acquisition of an income of Rp922 billion, an increase of 13.8% compared with last year's achievement of Rp810 billion, where 51% or Rp470 billion will be contributed by the sales of biodiesel.

As of quarter I/2011, the realization of the company's sales fell 4% to Rp226, 17 billion compared with the performance of the same period in 2010 amounting to Rp236, 17 billion. "The second quarter we expect this realization Rp240 billion, so total Rp476 billion," said Immanuel.

He expressed optimism to achieve sales targets set at the company this year as the mandatory provisions from the government about the use of minimum 5% biodiesel in the transport sector that will increase demand for biodiesel. "We are projecting sales will increase 370% biodiesel," he said.

Until the end of trading last week, the stock price closed coded ETWA slipped 5 points or -1.85% at the level of Rp265 per share, thus forming a market capitalization of Rp256, 60 billion.

No comments:

Post a Comment