Pulp and paper producer PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM), part of Sinarmas Group which is controlled by Widjaja family, reported a 34.06% decrease in operating profit last year as operating expenses surged.
The company posted US$79.02 million in operating profit last year from US$119.83 million a year earlier. Operating expenses reached US$142.47 million from US$108.20 million. Gross profit slightly decreased 2.87% to US$221.49 million from US$228.03 million.
Tjiwi Kimia's net sales hrew 14.53% to US$1.34 billion from US$1.17 billion, while net income surged 47.14% to US$46.57 million or US$0.035 per share from US$31.65 million or US$0.024 per share on the back of narrowing interest expense.
Sinarmas Group, via PT Purinusa Ekapersada, controls 60% shareholding in Tjiwi Kimia and public shareholders own the remaining stake.
Disclosure: No position at the stock mentioned above.
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