Indonesian pulp and paper producer PT Indah Kiat Pulp & Paper Tbk (INKP), a company which is nearly twice larger than its affiliated PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM), turned to net profit of US$13.03 million last year from a huge loss of US$158.48 million in the previous year.
Operating profit soared 4,485.06% to US$190.75 million from US$4.35 million operating loss. Gross profit jumped 150.26% to US$439.24 million from US$175.51 million. Indah Kiat's net sales increased 41.80% to US$2.51 billion from US$1.77 billion.
Sinarmas Group, controlled by Indonesian tycoon Widjaja family, owns 52.72% shareholding in Indah Kiat via PT Purinusa Ekapersada and public holders own the remaining stake.
Disclosure: No position at the stock mentioned above.
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