May 26, 2011

Pelangi Canindo 1Q profit rises 12.96%

PT Pelangi Indah Canindo Tbk posted a 12.96% increase in net profit for the first 3 months of this year on the back of higher net sales.
Pelangi Canindo, the marker of steel drum, steel plate cutting, LPG tank, and metal printing, posted Rp3.31 billion net profit or Rp5.82 per share in 1Q 2011 from Rp2.93 billion or Rp5.16 per share a year earlier. Operating profit slightly inched up 0.95% to Rp12.74 billion from Rp12.62 billion.
Pelangi's net sales rose 41.79% to Rp177.94 billion from Rp125.49 billion. The three biggest contributors for the consolidated revenue were steel drum, steel plate cutting, and LPG tank with Rp34.34 billion, Rp54.01 billion, and Rp81.15 billion respectively. 
The biggest costumers of Pelangi Canindo were PT Inti Pelangi Drumasindo and PT Pertamina (Persero) with sales of Rp102.62 billion and Rp39.41 billion respectively.  
The company is majority owned of 76.16% stake by Hammond Holding Ltd, PT Citrajaya Perkasamulia of 5.70%, and PT Saranamulia Mahardhika of 5.70%, and public shareholders of 5.91%.

Disclosure: No position at the stock mentioned above.

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