Pulp and paper manufacturer PT Indah Kiat Pulp & Paper Tbk (INKP), controlled by Sinarmas Group, today reports a 1,511.39% jump in net profit during the first quarter this year on the back of soaring sales.
In Q1 financial report submitted to Indonesia Stock Exchange (IDX), Indah Kiat posted US$44.60 million of net profit in Q1 2010 compared to the same period last year of net loss worth US$3.16 million.
Sales rose 51.02% from US$375.93 million in Q1 2009 to US$567.74 million in Q1 2010. Indah Kiat booked operating profit of US$55.71 million in Q1 2010, a reversal from a year before of operating loss worth US$48.35 million.
Cash at the end of March 2010 doubled to US$55.15 million from US$25.69 million. Sinarmas Group controls Indah Kiat via PT Purinusa Ekapersada which owns 53.72% and public holders hold 47.27%.
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