Apr 26, 2010

AKR reports 33% rise in sales

PT AKR Corporindo Tbk (AKRA), Indonesia’s largest private sector petroleum and basic chemical distributor, reported a 33% jump in sales from Rp1.84 trillion to Rp 2,43 trillion in the first quarter this year (Q1 2010).
In result, the company's net profit soared 61% from Rp43.7 billion in Q1 2009 to Rp70.2 billion. But, AKRA suffered a 10% drop in operating income from Rp124.8 billion in Q1 2009 to Rp112.1 billion in Q1 2010.
In a press statement today, AKRA reports better performance in its basic chemical and petroleum distribution business driven by increasing demand for basic chemicals and petroleum in the Indonesian domestic market aided by better economic conditions and growing energy demand.
Trading and distribution sales revenue grew 46% on the strength of higher volumes sold during Q1 2010.
Basic chemical volume grew 29% YOY while petroleum sales volume recorded 36% increase compared to same period last year.
With higher oil prices, the Average selling price of Petroleum products was higher by 26% which contributed to higher sales revenue and improved margins.
AKRA’s manufacturing subsidiary, PT Sorini Agro Asia Corporindo Tbk, reported lower net profits during the quarter, impacted by an appreciating Rupiah.
Sorini is a leading exporter of Sorbitol and Starch derivatives to over 75 countries and also increasing feed stock prices.
Sorini reported Sales revenue of Rp408 billion while its Net profit after tax decreased to Rp30.2 billion during Q1 2010 from Rp40.8 billion a year earlier.

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