In Q1 2016, we produced 298,708 metric tons of FFB, an increase of 1% compared to Q1 2015. Our FFB production growth was lower than expected due to the dry weather which resulted in a water deficit in our harvesting areas. Plantations in the areas around our estates experienced similar conditions resulting in lower FFB purchases from 3rd parties compared to last year.
CPO and PK production:
We were able to further improve our CPO and PK extraction rates, which in Q1 2016 averaged 24.9% for CPO, a 5% increase compared to last year. However due to the lower FFB purchases from 3rd parties, our CPO and PK production volumes decreased by 10% and 8% respectively.
In Q1 2016, our revenue was IDR 620 billion, a 16% decrease compared to Q1 2015, primarily because of a lower average selling price. CPO market prices began to recover from February and the recovery accelerated in March 2016. The full impact of higher prices will affect our revenue from Q2 2016. Our average CPO selling price in Q1 2016 was IDR 6,195 / kg compared to IDR 7,520 / kg in Q1 2015.
Gross profit came in at IDR 106 billion but we booked a net loss of IDR 67 billion in Q1 2016 as a larger matured area resulted in higher interest expense, which had previously been capitalized. Our interest costs begins to reduce from March 2016 following Bank Indonesia's efforts to lower interest rates; lowering business costs. We believe lower interest rates will continue throughout 2016, which combined with higher productivity, will further improve our profitability.
Despite efforts to reduce our cash cost of production, the impact of lower selling prices has reduced our Q1 2016 EBITDA to IDR 147 billion, or by IDR 54 billion compared to Q1 2015's IDR 201 billion.
Barring unforeseen circumstances, with CPO and PK prices improving, we expect improved profitability in the coming quarters.