Pulp and paper producer PT Pindo Deli Pulp and Paper Mills posted a 160.99% jump in net income last year, while its sister company, pulp and paper producer PT Lontar Papyrus Pulp & Paper Industry was still in net loss.
Pindo Deli and Lontar Papyrus are both controlled by Sinarmas Group, owned by Indonesian tycoon Widjaja family.
Pindo Deli posted US$85.63 million net income or US$0.019 net income per share last year from US$32.81 million or US$0.008 per share in the previous year.
Operating profit increased 46.53% to US$181.99 million from US$124.20 million, while gross profit rose 36.07% to US$328.27 million from US$241.24 million. Pindo Deli's net sales rose 25.19% to US$1.59 billion from US$1.27 billion.
Lontar Papyrus's net loss narrowed 110.09% to US$8.75 million or US$8.70 net loss per share from US$86.72 million or US$101.45 per share.
However, the company turned to post US$28.52 million operating profit from US$37.82 million operating loss. Gross profit surged 33,613% to US$65.40 million from US$194,000. Net sales increased 39.51% to US$473.40 million from US$339.34 million.
Disclosure: No position at the stock mentioned above.
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