Regarding to the sale and purchase agreement, Titan Kimia on April 11 has entered into the agreement with Lotte Packaging, revealed an official statement published today.
The sale of biaxially-oriented polypropylene (BOPP) maker has been approved by Titan Kimia's board of commissioner on April 7 and should consider Bapepam-LK regulation on affiliated transaction and conflict of interest.
Titan Kimia suffered US$22.81 million net loss last year, a 180.17% plunge from US$28.45 million net profit in the previous year as cost of goods sold (COGS) was higher than net sales.
In a financial statement last year submitted to Indonesia Stock Exchange (IDX), the company also suffered US$16.26 million operating loss, a 147.10 million drop from US$34.52 million operating profit.
Titan Kimia returned to gross loss of US$1.33 million from US$49.29 million gross profit, reflecting a 102.69 drop.
COGS widened 26.19% to US$429.69 million from US$340.51 million, while net sales grew 9.89% to US$428.36 million from US$389.81 million.
Disclosure: No position at the stock mentioned above.
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