Timber company PT Sumalindo Lestari Jaya Tbk (SULI), an affiliated of Singapore-listed Samko Timber Limited, suffered Rp47.98 billion net loss in the first quarter of this year. The loss widened 375.99% from Rp10.08 billion in 1Q 2010.
Sumalindo turned to Rp25.61 billion operating loss from Rp5.69 billion operating profit. Revenue also fell 31.95% to Rp95.78 billion from Rp140.74 billion.
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%).
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.
Disclosure: No position at the stock mentioned above.
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