Tire maker PT Multistrada Arah Sarana Tbk (MASA) suffered a 73.51% drop in net profit for the first 3 months of 2012 as a result of higher operating expenses.
Multistrada posted Rp17.48 billion net profit in 1Q 2012 from Rp65.99 billion in 1Q 2011. Operating profit declined 28.09% to Rp61.58 billion from Rp85.63 billion, while gross profit increased 18.04% to Rp154.39 billion from Rp130.79 billion.
Multistrada booked a 20.80% increase in net sales to Rp793.75 billion from Rp657.07 billion. PT Central Sole Agency, subsidiary of PT Indomobil Sukses Internasional Tbk (IMAS), owned 16.7%, PVP XVIII Pte Lte Singapore held 16%, and Lunae Crescent International Inc, BVI, a subsidiry of Northstar Capital Partners, held 15.1%, and public investor held 39.7%.
Disclosure: No position at the stock mentioned above.
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