Feb 29, 2012

Salim Ivomas FY11 profit rises 72%

PT Salim Ivomas Pratama Tbk (SIMP) reported a 72% increase in net income last year on the back of robust growth in revenue.
Salim Ivomas's net income reached Rp1.67 trillion last year from Rp971 billion a year earlier. Operating profit rose 40% to Rp3.13 trillion due to higher gross profit as well lower operating expenses arising mainly from the implementation of new accounting standard related to amortization of goodwill.
Operating margin also expanded to 25% from 24%. Gross profit also increased 22% to Rp4.34 trillion from Rp3.55 trillion.
"FFB nucleus and CPO production rose 9% and 13% to 2.79 million tons and 838,000 tons respectively. SIMP's Group now produces 195,000 tons of certified CPO per year," said Mark Wakeford, President Director of Salim Ivomas.

Disclosure: No position at the stock mentioned above.

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