Indonesia’s leading bulk logistics and distributor of petroleum and basic chemical distributor PT AKR Corporindo Tbk (AKRA) today reported a 2,480% jump in net profit to Rp1.81 trillion in the quarter ended March 31, 2011 from Rp70 billion in the same period last year.
Net profit without extraordinary gains rose 82% to Rp128 billion during from Rp70 billion, a press statement obtained by Insider Stories.
The company booked extra ordinary gains of Rp1.69 trillion on sale of investment in manufacturing subsidiary, PT Sorini Agro Asia Corporindo Tbk. The divestment raised over Rp2.20 trillion for the company and the sales of Sorini shares was completed on January 28, 2011.
Sales revenue rose 79% to Rp4.35 trillion from Rp2.43 trillion, driven by significant increase in petroleum sales. Petroleum revenues increased 149%. Sales revenues growth was driven by increased sales of Petroleum products in Indonesia which resulted in the sales revenue increasing 149% to Rp3.46 trillion from Rp1.39 trillion.
This revenue growth was driven by increase in supply of High speed diesel and other refined products to mining industry in Eastern part of Indonesia along with increase in demand from other industrial sectors
Basic chemicals sales also reported 31% growth to Rp584 billion with increasing demand for basic raw materials which is the raw material for production of various industrial and consumer goods.
Demand for logistics services including stevedoring, port handling in Indonesia and China registered 83% increase in sales revenue.
AKR's gross profit slightly decreased 2% to Rp221 billion from Rp225 billion. Operating profit increased 10% to Rp123 billion from Rp112 billion.
Disclosure: No position at the stock mentioned above.
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