Jun 27, 2010

Tjiwi Kimia books 2,055% rise in profit

Pulp and paper manufacturer PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) posted 2,055.56% jump in net profit during the first three months this year compared to the same period last year.
In Q1 2010 financial report submitted to Indonesia Stock Exchange last week, Tjiwi Kimia booked US$35.86 million in net profit in Q1 2010 compared to a year before of US$1.71 million.
The company's profit jump was as a result of a 21.11% rise in net sales. It posted US$331.07 million in net sales in Q1 2010 compared to the same period last year of US$273.37 million.
Tjiwi Kimia posted an operating profit of US$36.57 million in Q1 2010, a reversal from Q1 2010's operating loss of US$4.43 million.

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