PT Surabaya Agung Industri Pulp & Kertas Tbk (SAIP) reported a widened operating loss of 385.99% in the first quarter of this year on the back of decrease in net sales.
The company booked Rp28.09 billion operating loss in 1Q 2011 from Rp5.78 billion in 1Q 2010. However, the company's net profit was Rp44.84 billion a 29.17 decrease from Rp63.31 billion as a result of foreign exchange gain of Rp88.94 billion. Surabaya Agung booked a 26.65% drop in net sales to Rp87.34 billion from Rp119.07 billion.
Disclosure: No position at the stock mentioned above.
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