Mar 30, 2011

Indopoly FY10 net sales rises 32%

PT Indopoly Swakarsa Industry Tbk (IPOL), one of the leading manufacturer of flexible packaging film in Indonesia,  reported an increase in net sales last year by 32% to Rp1.63 trillion from Rp1.23 trillion in 2009.
In an official statement submitted to Indonesia Stock Exchange (IDX), Indopoly's gross profit reached Rp440 billion, representing 65% increase from Rp266 billion.
The company reported operating profit and net profit of Rp278 billion and Rp170 billion respectively, an increase of 160% and 82% respectively, from position in the previous year.
The significant rise in sales and gross profit in 2010 were due to a combination of several positive factors such as full year sales from second BOPP line that has been completed and has started operating since July 2009, better product mix, and improved production efficiency.
Indopoly's gross margin rose by 5% to 27% from 22%. Increase in operating income is supported by management’s ability to maintain steady level of expenses leading the company’s operating margin and net profit margin to more than 17% and 10%, respectively.
Indopoly is a leading manufacturer of flexible packaging film in Indonesia. Indopoly, an affiliated company of Salim Group, currently serves more than 150 leading customers worldwide with production from its three factories in Cikampek, Purwakarta, West Java, Indonesia, Kunming city in the province of Yunnan (Yunnan Kunlene Film Industries), and in Suzhou, Jiangsu province (Suzhou Kunlene Film Industries) in China. 

Disclosure: No position at the stock mentioned above.

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