PT Barito Pacific Tbk (BRPT), owned by Indonesian tycoon Prajogo Pangestu, suffered a 93.54% plunge in net profit during the first half of this year on the back of ballooning cost of goods sold and net other charges.
In the financial statement published today, Barito, parent of two petrochemical firms which are planning to merge, PT Tri Polyta Indonesia Tbk and PT Chandra Asri, booked Rp25.94 billion or Rp4/share earning in 1H 2010 from Rp386.17 billion or Rp55/share in 1H 2009.
Barito posted Rp225.23 billion net other charges in 1H 2010, a reversal from Rp5.07 billion net other income in 1H 2009.
The charges rise was mainly contributed by ballooning financial charges by 60.54%. However, foreign gain fell to Rp58.39 billion from Rp102.02 billion in 1H 2010.
The company's operating profit tumbled 41.53% from Rp707.16 billion in 1H 2009 to Rp413.51 billion in 1H 2010 as a result of higher COGS than revenue growth.
Barito recorded a 34.61% increase in revenue from Rp6.53 trillion in 1H 2009 to Rp8.79 trillion in 1H 2010.
Disclosure: No position at the stock mentioned above.
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