Jakarta - PT PP London Sumatra Plantation Tbk (LSIP) recorded profit growth for the current period in the first quarter attributable to owners of only 2.48% to Rp304.628 billion, compared to the same period the previous year of Rp297.235 billion.

The company's financial report on Tuesday (7/12) showed moderate profit growth triggered by low revenue from contracts with customers of around 36.02% to Rp764.932 billion from Rp1.195 trillion.

Operating profit was also depressed by around 1.41% to Rp361.760 billion from Rp366.944 billion.

Nevertheless, LSIP reduced the cost of goods sold by about two times, from Rp770.021 billion to Rp325.054 billion.

LSIP's total assets up to the first quarter of this year reached Rp12.207 trillion, with liabilities of Rp1.729 trillion and equity of Rp10.477 trillion.

Meanwhile, the company recorded the position of cash and cash equivalents at the end of the period at Rp3,460 trillion.