Aug 2, 2010

Ciliandra profit falls 37% on charges

CPO player PT Ciliandra Perkasa faced a 37.65% drop in the first half earning on the back of soaring financial charges and loss on redemption of notes and bonds.
In the financial report submitted to Indonesia Stock Exchange (IDX), Ciliandra booked net profit of Rp166.96 billion or Rp371 per share in 1H 2010 from a year earlier of Rp267.79 billion or Rp595 per share.
The company's financial charges soared from Rp5.69 billion in 1H 2009 to Rp79.66 billion in 1H 2010, mainly contributed by loan interest of Rp121.66 billion. Ciliandra also suffered loss of Rp19.56 billion from redemption on notes and bonds.
In the operational level, Ciliandra booked a 21.64% increase in operating profit from Rp377.67 billion in 1H 2009 to Rp459.39 billion in 1H 2010.
The company's net sales slightly increased 9.48% from Rp944.48 billion in 1H 2009 to Rp1.03 trillion in 1H 2010.
First Resources Limited controled 95.51% stakes in Ciliandra, while PT Fangiono Perkasa owned 4.19%.
Disclosure: No position at the stock mentioned above.  

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