Apr 22, 2011

Tjiwi Kimia FY10 operating profit drops

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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