Sep 1, 2010

Arpeni operating profit plunges 92.26%

Publicly listed shipping company PT Arpeni Pratama Ocean Line Tbk (APOL) suffered a 92.26% fall in its operating profit on the back of lower revenue and higher operating expenses.
The company posted Rp3.79 billion operating profit in 1Q 2010 from Rp48.98 billion in 1Q 2009.
In the financial statement submitted to Indonesia Stock Exchange (IDX) today, Arpeni booked Rp375.66 billion revenue in 1Q 2010, a 15.81 fall from Rp446.20 billion a year earlier.
Arpeni recorded a 23.70% rise in operating expenses from Rp34.85 billion in 1Q 2009 to Rp43.11 billion in 1Q 2010, but cost of goods sold abated 9.28% from Rp362.38 billion in 1Q 2009 to Rp328.76 billion in 1Q 2010. In return, the company's net loss ballooned 16.94% from Rp163.04 billion in 1Q 2009 to Rp190.66 billion in 1Q 2010.

Disclosure: No position at the stock mentioned above. 

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