AKR nine-month net profit increases 28%

IDX-listed fuel and basic chemicals distributor and logistic services provider PT AKR Corporindo Tbk reported that net profit attributed to shareholders of parent entity increased by 28 percent to Rp 1.02 trillion in the first nine months of this year from Rp 793 billion in the corresponding period of last year.

AKR said in a statement on Monday that revenue rose by 23 percent to Rp 13.43 trillion from Rp 10.95 trillion driven by higher selling price of the products it distributed and rising demand of basic chemicals in the country.

?Improving operating condition of the mining sector and increase in demand of basic chemicals in Indonesia resulted in higher revenue in the trade and distribution (business) segment. Selling price of fuel products and basic chemicals were also higher in 2017,? said AKR President Director Haryanto Adikoesoemo in the statement.

He added that the move by the company to divest its ownership in the Guigang Port in China during the third quarter, has provided cash which increases the company?s capacity in funding growth in the segments of trade, distribution, industrial estate, infrastructure, and utility.

Editing by Reiner Simanjuntak