Sep 7, 2010

Bakrie & Brothers loss balloons 143%

Holding company of Bakrie Group PT Bakrie & Brothers Tbk (BNBR) net loss ballooned 143.12% in the first half of this year on the back of higher net interest charges.
In the financial statement published today, Bakrie & Brothers posted Rp302.78 billion net loss from Rp124.54 billion net loss a year earlier.
The company's net interest charges ballooned 430.81% from Rp171.07 billion in the first half of last year to Rp908.06 billion in the first half of 2010.
In the operational line, Bakrie & Brothers posted a 27.27% rise in operating profit from Rp399.75 billion in the first half of last year to Rp508.76 billion.
The company should be able to book higher operating profit. But, a soaring cost of goods sold of 138.92% and operating expenses of 10.07% have eroded its sales growth.
Bakrie & Brothers posted a 74.28% growth in net sales from Rp3.46 trillion in the first half of last year to Rp6.03 trillion. 

Disclosure: No position at the stock mentioned above.  

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