Mar 23, 2011

Nippon Indosari FY10 net sales up 26%

Bread maker PT Nippon Indosari Corpindo Tbk (ROTI) recorded a 26% increase in net sales for the year ended 2010
amounted to IDR612.19 billion last from from IDR485.92 billion in the previous year.
In a financial statement submitted to Indonesia Stock Exchange last night, based on the types of product sold, sweet bread accounted for the largest contribution of Company sales.
The total contribution of sweet bread to total sales in 2010 and 2009 was 58% and 56%, respectively, while white bread figures were 41% and 44%, respectively.
Indosari's gross profit during 2010 amounted to IDR289.02 billion, growing 30% from IDR222.09 billion. This was attributed to an increase in net sales of 26%, which more than off-set the rise in cost of goods sold of
22%.
The company’s income from operations rose 42% to IDR125.69 billion from IDR88.29 billion, in tandem with the increased value of its sales.
Indosari posted IDR99.78 billion net income, a 75% increase from IDR57.11 billion. The increase in net income was due to growth of net sales which was 26% higher compared to the previous year.
Nippon Indosari, affiliated company of Salim Group, is 34% controlled by Bonlight Investments Limited, British Virgin Islands and Treasure East Investment Limited respectively. Sojitz Corporation, Japan, and Shikishima Baking Co Ltd, Japan own 8.5% respectively, and public investors hold 15% stake.

Disclosure: No position at the stock mentioned above.

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