Mar 17, 2011

Indocement FY10 net income rises 17%

Indonesia's second biggest cement manufacturer PT Indocement Tunggal Prakarsa Tbk (INTP) posted a 17% increase in net income last year as a result of higher sales volume and revenue.
In a public expose material submitted to Indonesia Stock Exchange (IDX) today, Indocement, with 30.9% market share in Indonesia last year, booked Rp3.23 trillion net income last year from Rp2.75 trillion.
Operating profit increased 9% to Rp4.02 trillion from Rp3.69 trillion, sending its operating margin higher to 36.1% from 34.9%.
Gross profit augmented 8% to Rp5.54 trillion from Rp5.11 trillion, enabling the company to increase gross margin to 49.7% from 48.3%.
Net revenue slightly rose 5% to Rp11.14 trillion from Rp10.58 trillion as sales volume increased 3% to 13.89 million tons from 13.46 million tons, while sales price was relatively flat.
The sales volume in domestic market grew 8.5%, but it was offset with a 35.1% drop in the export market.
Germany-based cement maker HeidelbergCement Group controls 51% shareholding in Indocement, Salim Group owns 13%, and public holders own 36%.

Disclosure: No position at the stock mentioned above.  

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