Heavy equipment leasing company PT Intraco Penta Tbk (INTA) suffered a 9.63% decrease in operating profit during the last third quarter of this year on the back of higher costs.
The company, in the financial report submitted to Indonesia Stock Exchange (IDX) today, posted Rp94.82 billion operating profit in 3Q 2010 from Rp104.93 billion in 3Q 2009.
Intraco Penta's cost of goods sold surged 66.78% from Rp696.07 billion in 3Q 2009 to Rp1.16 trillion in 3Q 2010. The COGS surge was higher than the company's revenue growth which made a 53.59% increase from Rp894.24 billion in 3Q 2009 to Rp1.37 trillion in 3Q 2010.
In line with a higher COGS, Intraco Penta's operating expenses ballooned 26.35% from Rp93.25 billion in 3Q 2009 to Rp117.82 billion in 3Q 2010.
Bottom line made a slight increase of 16.17% from Rp41.12 billion in 3Q 2009 to Rp47.44 billion in 3Q 2010, mainly underpinned by foreign exchange gain propelled by rupiah appreciation against US$.Disclosure: No position at the stock mentioned above.
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