Jul 23, 2010

Gunawan Steel books Rp209 bio profit

Hot rolling steel plate manufacturer PT Gunawan Dianjaya Steel Tbk posts a 275.69% soaring of net profit in the first half this year compared to the same period last year.
The company booked Rp209 billion of net profit in 1H 2010 from a year before of Rp119 billion.
Gunawan Steel's Director and Corporate Secretary Hadi Sutjipto said a steep growth in net profit was mainly contributed by a higher price of plate steel as well as stronger demand from export market.
"In line with robust economy, price of plate steel rises," he said.
The company's export rose 23.4% in 1H 2010 to Rp538 billion compared to the same period last year of Rp436 billion. Sales increased 7.6% from Rp830 billion in 1H 2009 to Rp893 billion in 1H 2010.

Disclosure: No position at the stock mentioned above.

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