PT Salim Ivomas Pratama (SIMP), parent company of palm oil producer PT PP London Sumatra Indonesia Tbk (Lonsum) and affiliated company of PT Indofood Sukses Makmur Tbk (INDF), today reports a 29.54% drop in net income as a result of net sales decrease in the first half of this year.
Salim Ivomas booked Rp413.98 billion net profit or Rp163.59 per share in 1H 2010 from Rp587.57 billion or Rp232.19 billion a year earlier.
The company's operating profit also fell 3.77% from Rp1.06 trillion in 1H 2009 to Rp1.02 trillion in 1H 2010, while operating expenses slightly lowered 0.48% to Rp438.84 billion in 1H 2010 from Rp440.97 billion a year earlier. Gross profit slipped 2.67% from Rp1.50 trillion in 1H 2009 to Rp1.46 trillion in 1H 2010.
Salim Ivomas, wholly owned subsidiary of Salim Group, posted Rp2.74 trillion cost of goods sold in 1H 2010 from Rp2.78 trillion a year earlier, while net sales abated 1.64% from Rp4.28 trillion in 1H 2009 to Rp4.21 trillion.
Disclosure: No position at the stock mentioned above.
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