Feb 6, 2011

Asahimas FY10 net income up 271%

Automotive and flat glass manufacturer PT Asahimas Flat Glass Tbk estimated that it may reach 2010's net income of more than Rp250 billion, a 271.51% jump from Rp67.29 billion during the previous year.
Asahimas Corporate Secretary Hendrik Adrianto said the steep growth last year was in line with a revenue increase of 15%, outstripping Rp2 trillion from Rp1.73 trillion in 2009.
"At end of the third quarter last year, we posted Rp225.63 billion net income. By end of 2010, we may book Rp250 billion. However, we can't mention an exact figure as we are still in audit of financial statement," Hendrik said.
The company is planning to spend US$5 million to support annual capital expenditure (capex) this year.
He said the company will fulfill the capex with internally generated cash.
"We will spend an annual capex of US$5 million this year. We try to fulfill it with our internally generated cash flow. Since 2 years, we have been in zero debt," he said as quoted by Bisnis.com today. 

Disclosure: No position at the stock mentioned above.

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