Palm oil producer Dharma Satya capex falls short due to project delays

first_imgPublicly listed palm oil producer PT Dharma Satya Nusantara (DSN) expects its capital expenditure (capex) this year to fall short of the target by 27 percent at Rp 800 billion (US$53.6 million) due to COVID-19-induced project delays.The company explained that partial lockdowns had delayed labor and supply inflows to two crude palm oil (CPO) processing factories being built in Kalimantan. DSN currently has 10 such factories in operation.The new factories, work on which began in 2019 and cost roughly Rp 250 billion each, were slated for completion in 2021, DSN president director Andrianto Oetomo said on Thursday. DSN, one of Indonesia’s publicly-listed palm oil producers, saw its first half revenue grow 22 percent year-on-year (yoy) to Rp 3.15 trillion thanks to strong domestic demand for palm oil-based biodiesel.Stocks of DSN, traded at Indonesia Stock Exchange with the code DSNG, jumped 3.46 percent to Rp 478 apiece at 10:58 a.m. Jakarta time as the benchmark, the Jakarta Composite Index (JCI), was up 0.4 percent.Strong domestic palm oil demand and relatively high plantation yields augmented the company’s credit rating, wrote Indonesian credit rating agency Pefindo in a note on July 30 about DSN’s latest bond offering.However, the rating was limited by the producer’s “aggressive capital structure, moderate cash flow protection and exposure to fluctuations in global commodity prices and bad weather.”Indonesia’s palm oil industry saw export volumes contract in this year’s first half as global demand for palm oil, which is used to produce various everyday goods from chocolate to biofuel, shrank amid the unfolding health crisis.Read also: Indonesia’s palm oil sector relies on domestic demand as exports dropAndrianto added that DSN’s year-end revenue target “very much depends on CPO prices,” but the company held onto its target of producing 700,000 tons of CPO this year.Global palm oil prices moved in a V-shape so far this year. Prices dipped as low as 2,000 ringgit per ton on May 6 before rallying to almost 3,000 ringgit on Thursday, according to the global benchmark Bursa Malaysia Derivatives.Apart from higher biodiesel demand in Indonesia, global palm oil prices rallied on the back of weaker Malaysian palm oil output and from weaker continental American soybean production. Soybean is a common substitute for palm oil.“Nonetheless, we expect prices to decline in the next few months as yields and output increase,” wrote credit rating agency Fitch on Monday.Topics : “We were hit hard by COVID-19, particularly between March and July,” he said at the virtual inauguration ceremony for a new biogas plant.Read also: First-half contraction in palm oil output, exports due to ‘domino effect’: GAPKIPart of this year’s capital also went to finishing the Rp 90 billion palm oil-based biogas plant in Muara Wahau, East Kalimantan. The plant, which took two years to build, fuels a 1.2-megawatt power plant and provides biogas for internal use.The company expects the plant to save it Rp 20 billion in annual spending by swapping out diesel with the plant’s biogas to fuel trucks and plantation equipment.last_img read more

GSA baseball, Bucksport softball earn playoff byes

first_imgELLSWORTH — The George Stevens Academy baseball and Bucksport softball teams have earned first-round byes in the Class C North playoffs.Despite GSA (13-3) losing its final game of the season against Central, the Eagles still edged 14-2 Houlton by four points in the Heal standings. The Eagles will face the winner of Washington Academy (7-9) and Fort Kent (9-7) in the regional quarterfinals.In softball, Bucksport (16-0) put the finishing touches on an undefeated regular season for the third time since moving to Class C in 2012 with a 13-1 win over Dexter on Friday. The Golden Bucks finished second behind fellow undefeated team Mattanawcook in the standings and will face either No. 7 Piscataquis (9-7) or No. 10 Calais (7-9) in the next round.Times and dates for Northern Maine quarterfinal games will be posted at the conclusion of the preliminary round.This is placeholder textThis is placeholder textlast_img read more

EMMET RUSHE: LESSONS LEARNED IN HELL

first_imgBY Emmet Rushe: On Saturday past, Team Rushe Fitness, set off again on another adventure.This time around, Sligo was our destination and “Hell and Back” was our challenge.When we booked this in February everyone was up for the challenge, having completed the 5km Ultimate Survivor in Letterkenny back in October. However, as the weeks rolled in and the event got closer doubt started to creep in to some of our members.Some had doubts about their fitness; others had doubts about their weight, some about whether they should have signed up at all.The thing is, I had no doubt that each member would not only make it through, but surprise themselves in the process.In the week leading up to the event, the organisers began to put up pictures of the new and improved obstacles on Facebook. They were boasting that it would be the toughest course that Hell and Back has ever run.This did nothing to alleviate the fears and doubts of the already worried members.But Saturday came and our 30 person strong crew made our way to Sligo and to the event.Each member had to get over a 5 foot wall to get to the start line.  It was a preview of things to come.After a warm up, the adrenaline was pumping and we set off. Any worries of getting dirty or wet were knocked out of you by the 1st obstacle, which was a pool of -53 degrees ice water.Once this one was out of the way, you really didn’t care about the mud that was to come.As a team, our members really shone.They helped each other through each and every obstacle and stuck to the Hell and Back mantra that ‘No-one gets left behind’. They helped others out of rivers, drains, trenches and over obstacles.Once our members were through the obstacles, some of them even stayed on and continued to help other individuals and teams.As we reached the half way point, we had a particularly horrible obstacle of carrying a log up and down a hill for the best part of a kilometre.We were met with two members of our team, one of who was panicking about her fitness in the weeks leading up to the event, and they were already around the obstacle and moving onto the next.So much for not being fit enough.As with any group of people, the differing fitness levels eventually meant that the group broke into two smaller groups.But when the leading group came to one of the last obstacles in the last km of the event, they waited for the rest of the group to arrive, so they could go over the finish line as a team.As the group was waiting, some of them spent 30 mins helping people over the 10 foot wall near the end of the event, and eventually made it over the finish line as a team.So what are the lessons learned from Hell and Back?Whenever people get into tough situations, their true natures shine through and I’m happy to say that my members made me proud.Don’t ever let fear and doubts cloud your mind, you are capable of a hell of a lot more than you might ever think you are.It doesn’t matter if you are old, overweight, not fit enough, have never tried it before, have doubts about if you are able for it; it simply doesn’t matter.And while we did indeed go to Hell and Back on Saturday, the feelings of self-pride and accomplishment that the Rushe Fitness crew felt that evening were pretty Heavenly!With someone to push you in the right direction and the right team beside you, anything is possible. #TeamRushefitness#TrainSmartEMMET RUSHE: LESSONS LEARNED IN HELL was last modified: May 18th, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more