Pulp and paper producer PT Lontar Papyrus & Paper Industry recorded a net profit of US$ 1.18 million, while its parent PT Pindo Deli Pulp & Paper Mills scored 1,569% increase in its profit.
In the first half financial report submitted to the Indonesia Stock Exchange, as reported by Bisnis.com, Lontar Papyrus recorded a net loss of US$46.47 million in the same period last year.
The net profit was boosted by the increase in net sales by 44.32% from US$151.02 million to US$217.95 million in first half of 2010.
The company also scored operating income of US$8.46 million in first half of this year compared with operating loss of US$31.35 million in the same period last year.
Meanwhile, Pindo Deli net sales grew by 32.58% from US $581.39 million in first half of 2009 to US$770.79 million in the first half of 2010.
Pindo Deli's operating income soared by 295.12% from US$25.83 million in first half of 2009 to US$102.06 million in first half of this year.
Pindo Deli's net income skyrocketed by 1,569% from US$4.87 million in first half of 2009 to US$81.31 million in first 6 months of 2010 as the contributions of consolidated net income of the subsidiaries was US$81.50 million.
Controlling shareholder of Lontar Papyrus are Pindo Deli of 99.79% and PT Mulia Makmur Arthadana of 0.21%.
While, Pindo Deli's controlling shareholder is Sinar Mas Group through its subsidiary, PT Purinusa Ekapersada of 97.73%
Disclosure: No position at the stock mentioned above.
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