May 15, 2011

Samko Timber 1Q net profit falls 8%

Singapore-listed company Samko Timber Limited, owned by Indonesian tycoon Sampoerna family, reported a 8% decrease in net profit for the first quarter of this year as revenue fell.
Samko's net profit was Rp10.79 billion in 1Q 2011 from Rp11.74 billion in 1Q 2010. Gross profit rose 11% to Rp76.99 billion from Rp69.41 billion. The company posted a 12% decrease in revenue to Rp596.26 billion from Rp674.25 billion.
Sampoerna family through Forestry Limited is now controlling 42.6% stake in Samko Timber. Micahel Joseph Sampoerna, son of Indonesian tycoon Putera Sampoerna, is now in charged as Samko's Non-Executive Director.
Amir Sunarko, the founder of PT Sumalindo Lestari Jaya Tbk (SULI), is acting as Executive Director and Head of Kalimantan Operations. Eka Dharmajanto Kasih, Putera Sampoerna's executive, is also acting as Non-Executive Director.
Samko Timber is a leading timber processing company in Indonesia. With over 1 million m³ of processing capacity, it is among the top five tropical hardwood plywood producers globally, and one of the largest in Indonesia.
Samko currently controls 99.987% shareholding in PT Sumber Graha Sejahtera (SGS), which manages 51.95% ownership in Sumalindo Jaya Lestari.
Sumber Graha also controls five sub holding companies PT Makmur Alam Lestari (99.93%), PT Panca Usaha Palopo Ply Wood (98.46%), PT Putra Sumber Utama Timber (99.2%), PT Sejahtera Usaha Bersama (99.34%), and PT Sumber Graha Sejahtera Indonesia (99%).

Disclosure: No position at the stock mentioned above.  

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