Mar 19, 2011

Indo-Rama FY10 operating profit soars

Polyester producer PT Indo-Rama Synthetics Tbk posted a 556.45% jump in operating profit last year as gross profit rose.
In a financial statement filed to Indonesia Stock Exchange (IDX) yesterday, Indo-Rama posted US$26.98 million operating profit from US$4.11 million. Gross profit surged 101.92% to US$63.08 million from US$31.24 million. Indo-Rama booked US$616.94 million net sales from US$489.95 million.
At the bottom line, the company booked US$25.93 million net earning, a 128.26% increase from US$11.36 million. It was underpinned by a 138.76% rise in foreign exchange gain to US$4.25 million from US$1.78 million. Adding to that, interest expenses also narrowed to US$1.97 million from US$6.39 million.

Disclosure: No position at the stock mentioned above.

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