Mar 22, 2011

Chandra Asri operating profit drops 40%

The producer of ethylene, propylene, and polypropylene, PT Chandra Asri Petrochemical Tbk (TPIA) booked a 40.64% decline in operating income due to the increase in cost of revenues.
In the company’s financial report published today, Chandra Asri, a petrochemical company which is controlled by a businessman Prajogo Pangestu through PT Barito Pacific (BRPT), recorded Rp464.82 billion operating income last year compared to Rp782.99 in 2009.
Gross income of the company in 2010 also declined by 35.25% to Rp608.93 billion compared to Rp904.44 billion in 2009.
Meanwhile, during 2010, the net revenue of Chandra Asri grew by 9.07% to be Rp5.18 trillion compared with Rp4.74 trillion.
However, Chandra Asri’s cost of revenue jumped 20.58% to reach Rp4.57 trillion compared with the realization in 2009 which was only Rp3.79 trillion.
As the decline in operating income, the net income of Chandra Asri decreased by 27.87% to Rp248.29 billion or Rp478 per share compared to Rp482.88 billion or Rp663 per share.
Chandra Asri Petrochemical is a merger company between PT Tri Polyta Indonesia and PT Chandra Asri Petrochemical that happened last year.

Disclosure: No position at the stock mentioned above.  

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