July 1, 2008

 

Indonesia corn seed producer to double revenue on high demand
   
  

Indonesian seed producer PT BISI International expects a 150 percent jump in 2008 earnings, thanks to rising commodity prices, an official said on Monday (June 30, 2008).

 

The company's forecast is also in line with market estimates, which predicted the company will book a mean net profit of 376 billion rupiah (US$40 million) this year on a revenue of 1.67 trillion rupiah (US$181 million ).

 

Rising commodity prices have buoyed BISI's fortunes in recent years and its 2007 net profit more than trebled to 150.2 billion rupiah (US$16.31 million).

 

Sales of corn seeds, the company's main product, are expected to rise to 32,000 tonnes this year from 19,000 in 2007, according to vice president director Thomas Effendy.

 

The company produces seeds for corn and rice.

 

The company's chief executive Junaidi Sungkono told a news conference he foresees tight corn supplies for this year and next. Global commodity prices are expected to rise further with the jump in oil prices and efforts to produce alternative fuels from crops such as corn and palm oil, he said.

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