Nov 5, 2010

Truba 9M net income plunges 91.69%

Publicly listed engineering contractor PT Truba Alam Manunggal Engineering Tbk (TRUB) suffered a 91.69% plunge in net profit as of September 2010 as a result of revenue decrease.
In the financial statement filed to Indonesia Stock Exchange (IDX), Truba posted Rp26.41 billion in 9M 2010 from Rp317.07 billion in 9M 2009.
Besides lower revenue, foreign exchange gain also lowered 66.48% from Rp318.86 billion in 9M 2009 to Rp106.89 billion. Interest charges also enlarged from Rp78.87 billion in 9M 2009 to Rp170.38 billion in 9M 2010.
At the operational line, Truba booked Rp103.17 billion operating profit in 9M 2010, a 98.40% increase from Rp52 billion in 9M 2009 as it enabled to cut costs.
Revenue decreased 7.21% from Rp2.08 trillion in 9M 2009 to Rp1.93 trillion in 9M 2010.

Disclosure: No position at the stock mentioned above.  

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