Oct 21, 2010

Benakat 9M net loss balloons 57%

Publicly listed oil and gas producer PT Benakat Petroleum Energy Tbk recorded an increase in net loss of 57.47% in the third quarter 2010, compared with a net loss suffered in the same period last year, although a skyrocketing revenue of 1,396.72%.
Benakat financial reports submitted to the Indonesia Stock Exchange (IDX) today showed the company’s net loss rose to Rp96.32 billion from Rp61.16 billion in the third quarter of 2009.
On the other hand, revenue rose from Rp11.91 billion to Rp178.76 billion. However, cost of goods sold also jumped by 365.24% from Rp28.74 billion to Rp133.74 billion.
Company operating expenses and other expenses also rose 204.57% and 229.25%, respectively.
Operating expenses increased from Rp23.61 billion to Rp71.92 billion and other expenses increased from Rp24.27 billion to Rp79.92 billion.
As of September 2010, Benakat who are chaired by Arifin Wiguna owns by PT Indotambang Perkasa with 55.57% of shareholdings, PT Inti Permata Nusantara with 6.2%, and public with 38.23%.

Disclosure: No position at the stock mentioned above.

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