Aug 4, 2010

Lautan Luas operating profit down 16%

Publicly listed chamical distributor PT Lautan Luas Tbk (LTLS) booked a 16.23% decrease in operating income in the first half of 2010 (1H 2010) as the operating expense increased.
In the financial report submitted to Indonesia Stock Exchange (IDX) today, the company's operating income in 1H 2010 dropped to Rp80.90 billion from Rp96.57 billion at the same period last year.
Operating expense climbed by 6.19% from Rp187.67 billion in 1H 2009 to Rp199.28 billion in 1H 2010, in line with rising cost of revenues by 0.65% from Rp1.54 trillion to Rp1.55 trillion in 1H 2010.
Lautan Luas’ revenue grew by 1.09% from Rp1.82 trillion in 1H 2009 to Rp1.84 trillion in the first 6 months this year. Despite the decrease in operating income, the Rp12.22 billion profit in 1H 2010 contributed by associated company could restrain the drop in net income, while at the same period last year the associated company recorded a Rp1.88 billion loss.
The net income reduced by 9.96% from Rp48.98 billion or Rp63 per share in 1H 2009 to Rp44.59 billion or Rp57 per share in 1H 2010.

Disclosure: No position at the stock mentioned above.  
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