Sep 24, 2010

Lautan Luas 1H net income falls 8%

Diversified chemical distributor company PT Lautan Luas Tbk (LTLS) booked a steady level of the sales revenue. It posyed Rp1.84 trillion. In US$ terms, the company's sales revenue increased 21% to US$200 million in 1H 2010 from US$165 million a year earlier.
In an investor newsletter recently issued,operating income decreased as a direct impact of the decline in gross profit to Rp81 billion from Rp97 billion in 1H 2009.
The company managed to maintain other operating expenses at the stable level. All in all, the total operating expenses in 1H 2010 were still in line with the period's inflation rate.
During 1H 2010, a foreign exchange gain of Rp24 billion contributed to net income. Lautan Luas adopted a hedging pplicy on its financial position to mitigate the effect of gross profit margin fluctuations resulting from te movements of rupiah againts US$.
Lautan Luas posted Rp45 billion net income in 1H 2010, a slight 8% decrease from Rp49 billion in 1H 2009, while EBITDA slightly increased 2% from Rp171 billion in 1H 2010 from Rp168 billion. 

Disclosure: No position at the stock mentioned above.

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