Sep 27, 2010

Tri Polyta operating profit falls 60%

Indonesia’s largest polypropylene producer, PT Tri Polyta Indonesia Tbk (TPIA), booked 60.24% operating profit drop in the end of June 2010.
In the financial statement of the first half 2010 published today, it was reported that such drop was mainly driven by the jump of company’s cost of goods revenue as much as 23.91% from Rp1.84 trillion to Rp2.28 trillion during the first half of 2010.
Tri Polyta’s operating profit during the first semester of 2010 reached Rp221.57 billion from last year’s, Rp557.23 billion.
The company also posted net income drops by 54.39% from Rp364.62 billion during the first half of 2009 to Rp166.27 billion in the first semester of 2010.
The net revenue also rose slightly by 4.05% from IDR2.47 trillion in the end of June 2009 to Rp2.57 trillion in the end of June 2010.
Tri Polyta plans to hold a merger with PT Chandra Asri as it plans to issue 2.33 billion new shares to be exchanged with 100% shares of Chandra Asri whose intrinsic value reaching Rp8.37 trillion as per June 2010. This means that one Tri Polyta share equals to Rp3,590 Chandra Asri’s.

Disclosure: No position at the stock mentioned above.
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