Nov 1, 2010

Indah Kimia & Tjiwi Kimia earnings rise

Pulp and paper producers PT Indah Kiat Pulp & Paper Tbk (INKP) and PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) today report a strong growth in net income during the first 9 months of this year on the back of higher net sales.
Indah Kiat, controlled by Sinarmas Group, posted US$49.86 million net income in the first 9 months of this year (9M 2010), a 129.77% increase from US$167.51 million net loss in 9M 2009.
Tjiwi Kimia, controlled by Sinarmas Group, booked US$73.65 million net income in 9M 2010, a 88.36% rise from US$39.10 million in 9M 2009.
Indah Kiat enabled to post US$166.31 million operating income in 9M 2010 from US$46.74 million operating loss a year earlier.
Tjiwi Kimia booked US$92.94 million operating income in 9M 2010, a 21.28% increase from US$76.63 million in 9M 2009.
Indah Kiat and Tjiwi Kimia booked a 47.58% and 16.94% increase in net sales respectively to US$1.83 billion and US$999.84 million in 9M 2010 from US$1.24 billion and US$855.02 million in 9M 2009.

Disclosure: No position at the stock mentioned above.

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