Publicly listed tire player PT Multistrada Arah Sarana Tbk (MASA) today reports a 37.08% jump in net profit during the first half this year compared to the same period last year as a result of higher net sales.
In the company's financial report submitted to Indonesia Stock Exchange (IDX) today, Multistrada posted Rp89.39 billion of net profit in 1H 2010 from Rp65.21 billion in 1H 2009.
Operating income elevated 59.66% from Rp76.93 billion in 1H 2009 to Rp122.83 billion in 1H 2010. In return, Multistrada's operating margin surged from 9.46% in 1H 2009 to 12.19% in 1H 2010.Net sales increased 23.78% from Rp813.59 billion in 1H 2009 to Rp1.01 trillion in 2010. Multistrada posted export sales of Rp750.43 billion (74.52%) and the remaining of Rp256.66 billion obtained from sales in the domestic market.
According to the financial report, as of June 2010, there were no sales to customers exceeding 10% of its net sales. But, net sales for the six months period ended June 30 2009, sales to customers surpassing 10% of its net sales were made to API Inc, US, worth Rp80.67 billion and Nokian Tyres PLC, Finland amounted to Rp79.43 billion.
As of June 2010, Multistrada purchased raw materials, surpassing 10% of net sales were made to PT Panca Samudra Simpati worth Rp83.13 billion, Rp60.61 billion to LG Chem Ltd, and Rp58.57 billion to PT Wilson Tunggal Perkasa.
Disclosure: No position at the stock mentioned above.
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