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1Q17, FFB increased 1% compared to 1Q16. As El Niño continues a lingering effect on our production, we expect low fruit early in the year and higher production at the end.
CPO and PK production
CPO and PK production decreased -4% and -13% due to lower extraction rates. Our oil extraction rate decreased due to the lingering effects of El Niño, a larger young mature area with naturally lower extraction, and more 3rd party purchases, which rose 30% from 1Q16. Kernel extraction decreased as our new mill in West Kalimantan was still commissioning. Q2 kernel production will be normal.
1Q17 revenue increased 35% from 1Q16. The increase came from selling prices which rose 38% to IDR 8,497/ kg. The price of palm oil went up on low global CPO stocks. While prices rose, volume of CPO declined -2% from 1Q16. Revenue contribution from PK grew significantly in 1Q17, from a 99% increase in selling price.
Our EBITDA growth was strong. EBITDA IDR 268 billion increased 86% compared to 1Q16.
Due to depreciation and interest expenses from our newly matured areas (94% of our total planted area is now mature), we booked a net loss of IDR 18 billion, better than 1Q16 net loss of IDR 68 billion.