Nov 2, 2010

Hexindo 1H net profit elevates 33.45%

Distributor of heavy equipments Hitachi, John Deere, and Krupp, PT Hexindo Adiperkasa Tbk (HEXA), today reports a 33.45% increase in net income for the first 6 months ended September 30 2010.
The increase was mainly spurred by a rise in net revenue of 67.70%.
In the financial statement of September 2010 submitted to Indonesia Stock Exchange (IDX), Hexindo posted US$19.07 million in the fist half of this year from US$14.29 million a year earlier.
The company posted a surge on provision for doubtfull account from US$164,669 in the first half of last year to US$747,115 in the first half of this year.
Hexindo hasn't explained which accounts to be categorized doubtfull.
Income from operations lifted 27.89% from US$20.62 million in the first half of last year (1H 2009) to US$26.37 million in 1H 2010.
Cost of goods sold steeply rose 80.82% from US$110.69 million in 1H 2009 to US$200.15 million in 1H 2010. Hexindo's net revenue also elevated 67.70% from US$145.28 million to US$243.64 million.

Disclosure: No position at the stock mentioned above.  

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