Jul 27, 2010

Sorini 1H net profit tumbles 46%

Publicly listed leading producer of sorbitol, starch, and starch sweeteners PT Sorini Agro Asia Corporindo Tbk (SOBI) suffered a 46% drop in net profit during the first half this year (1H 2010) from Rp83.5 billion in 1H 2009 to Rp45.1 billion.
Operating profit fell 48.9% from Rp144.4 billion in 1H 2009 to Rp73.8 billion in 1H 2010.
But, Sorini posted a 15.7% higher sales during 1H 2010 of Rp856.7 billion compared to the same period last year of Rp740.5 billion.
In a press statement submitted to Indonesia Stock Exchange (IDX), business continued to grow with sales volume growth of 23.4% YoY, driven by the increasing consumer demand.

Disclosure: No position at the stock mentioned above.

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