Mar 16, 2012

SMAR profit FY11 rises, but tiny margin

PT Sinar Mas Agro Resources & Technology Tbk (SMAR), a subsidiary of Golden Agri-Resources Ltd, that is controlled by Sinar Mas Group, today reported a 41.27% increase in net profit last year, despite a steep jump in gross profit.
SMAR, which is a CPO producer, booked Rp1.78 trillion net profit or Rp621 a share last year from Rp1.26 trillion or Rp439 a share. 
Operating profit increased 47.90% to Rp2.47 trillion last year from Rp1.67 trillion a year earlier. However, the increased made a slight decrease in operating margin to 7.79% from 8.24%, which is too small compared to the operating margin of PT PP London Sumatra Indonesia Tbk (LSIP), that is owned by Salim Group and Eddy Sariaatmadja, older brother of Fofo Sariaatmadja, the owner of Surya Citra Televisi and its parent PT Surya Citra Media Tbk (SCMA).
LSIP booked Rp2 trillion operating profit last year, a 47.05% surge from Rp1.36 trillion. But, the operating margin rose to 42.64% from 37.88%.
SMAR's gross profit jumped 139.49% to Rp7.52 trillion from Rp3.14 trillion, while operating expenses also surged 243.54% to Rp5.05 trillion from Rp1.47 trillion. SMAR posted Rp31.68 trillion in net sales, a 56.29% increase from Rp20.27 trillion.
Sinar Mas, that is owned by Widjaja family, controls SMAR via PT Purimas Sasmita with 97.20% stake, while public shareholders own 2,80%.

Disclosure: No position at the stock mentioned above.  

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