Nov 1, 2011

Borneo 9M net profit soars 406.92%

PT Borneo Lumbung Energi Tbk (BORN), an upcoming shareholder in London-based Bumi Plc, today reported a 406.92% jump in net profit for the first 9 months of this year, mainly driven by strong operating revenue as well as a steep decrease in finance cost.
Borneo, which is majority owned by Samin Tan, businessman and former auditor of Deloitte & Touche, booked Rp1.33 trillion net profit in 9M 2011 from Rp261.98 billion. However, its earning per share shrank 63.53% to Rp75 from Rp206.
Operating profit surged 150.12% to Rp1.90 trillion from Rp760.99 billion. Operating revenue soared 115.53% to Rp4.44 trillion from Rp2.06 trillion. 

Disclosure: No position at the stock mentioned above.

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