May 8, 2011

Dian Swastatika 1Q profit soars 511%

PT Dian Swastatika Sentosa Tbk (DSSA), parent of coal miner PT Golden Energy Mines, reported a 511.73% jump in net profit for the first quarter of this year as a result of higher revenue.
Dian Swastatika posted US$11.99 million net profit or US$0.016 per share in 1Q 2011 from US$1.96 million or US$0.003 per share in 1Q 2010, a financial statement submitted to Indonesia Stock Exchange revealed.
Operating profit surged 308.97% to US$19.59 million from US$4.79 million, while gross profit soared 173.55% to US$33.51 million from US$12.25 million.
Dian Swastatika booked a 40.81% increase in revenue to US$135.14 million from US$95.97 million.
The company is underway to sell a minority shareholding in Golden Mines, previously known as PT Bumi Kencana Eka Sakti.  To read about Golden Mines sale, please read here, login or register.
Dian Swastatika is 59.90% owned by PT Sinar Mas Tunggal, which is controlled by Fuganto Widjaja, son of Indonesian tycoon Indra Widjaja, and public shareholders hold the remaining stake. 

Disclosure: No position at the stock mentioned above.

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