27/02/2008 (Reuters) - Indonesia's largest listed plantation firm, PT Astra Agro Lestari Tbk AALI.JK, reported a better-than-expected four-fold increase in its fourth quarter net profit on Wednesday, driven by a surge in palm oil prices.

Global palm oil prices rose by around 50 percent in 2007, boosted by demand for use in manufactured food and other products, as well as from the bio-diesel sector as global crude oil prices soared.

Astra Agro said in January that its average CPO price jumped 69 percent last year compared to the previous year.

Astra Agro's net profit for the October-December period rose to 687.6 billion rupiah ($75.70 million), against 164.3 billion rupiah a year ago, according to calculations by Reuters based on the firm's full-year and previously published nine-month results.

The company said on Wednesday that it made a 2007 full-year net profit of 1.97 trillion rupiah on sales of 5.96 trillion rupiah.

Analysts had forecast 1.8 trillion rupiah profit for the full-year, according to Reuters Estimates, implying a fourth-quarter forecast of 513 billion rupiah.

The firm's fourth-quarter sales rose to 1.84 trillion rupiah from 959.4 billion rupiah in the previous year, according to Reuters calculations. The figure compared to an implied forecast by analysts of 1.73 trillion rupiah.

The company, which is 80 percent owned by auto distributor PT Astra International Tbk ASII.JK, is forecast to report a net profit of 2.6 trillion rupiah in 2008 on revenue of 7.8 trillion rupiah, according to Reuters Estimates.

Six out of 16 analysts polled are placing a hold recommendation on the stock with an average price target of 29,950 rupiah a share.

Astra Agro's shares soared 67 percent in the fourth quarter, outpacing a 16.4 percent jump in the benchmark index .JKSE. ($1=9082 rupiah).