Sep 3, 2010

Indofood CBP piles up Ultrajaya stocks

PT Indofood CBP Sukses Makmur Tbk (ICBP), subsidiary of Indonesia's largest instant noodle maker, has bought shares in PT Ultrajaya Milk Industry Tbk (ULTJ).
In June's financial statement, ICBP has managed the Ultrajaya purchase as short term investment. Indofood CBP hasn't declared how many Ultrajaya stocks have been bought.
But, the financial statement revealed that the company recorded Rp10.88 billion carrying value in short term investment.
In late July, Ultrajaya was controlled by PT Prawirawidjaja of 21%, UBS AG Singapore ownd 9%, PT Indolife Persiont held 8%, and PT AJ Central Asia Raya held 7%.
Ultrajaya stocks today lowered 1.39% to Rp710 per share, sending its market capitalization to Rp2.05 trillion.
ICBP posted Rp824.51 billion net profit in the first half of this year, a 48.5% jump from Rp555.09 billion as a result of sales volume as well as selling price in its divisions.
Indofood CBP Director Werianti Setiawan recently said the net profit  at the end of June has reached 80% of the company's bottom line last year.
"We try to improve our performance in the second half," she said in a press conference of ICBP initial public offering (IPO) few days ago.
Indofood CBO booked Rp8.92 trillion net sales in the first half of this year from Rp8.03 trillion a year earlier.
Operating profit rose from Rp892.89 billion in 1H 2009 to Rp1.28 trillion in 1H 2010. In return, the company's operating margin increased from 11.4% to 14.4%.
Disclosure: No position at the stock mentioned above.

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