AKR reports growth in H1 profit
Thursday, July 24 2014 - 08:16 AM WIB
IDX-listed oil fuel and chemicals trader PT AKR Corporindo Tbk (AKRA) announced on Thursday net profits attributable to the equity holders of the parent company during the first six months of 2014 is Rp 376 billion compared to Rp 350.9 billion during the first six months of 2013.
Profits from operations increased to Rp 493.1 billion during the first half of the year 2014 compared to Rp 406 billion during the same period last year.
The company reported consolidated sales and revenues at Rp 11,258.2 billion, increasing by 6.0% from Rp 10,616.6 billion during the same period last year.
The composition of sales and revenues was relatively the same with previous periods, with around 79% of the Company?s consolidated sales and revenues contributed by petroleum distribution business, 14% by basic chemicals trading and distribution and the remaining 7% by other business segments.
Petroleum sales rose by 6.9% during the first half of 2014 at Rp 8,894.0 billion. Subsidized petroleum distribution business recorded steady growth during the 6M 2014. As of June 2014, the Company has built and commenced operations at 132 petrol stations for motorists (SPBKB) and for fisheries (SPBN), as per the allocation received from BPH Migas.
Sales from basic chemicals segment recorded stable growth of 5.0% during the first six months of 2014. Sales value of basic chemicals during 6 M 2014 is Rp 1,595.1 billion compared to Rp 1,519.1 billion during the first six months of 2013 , supported by stable growth in sales volume and selling price.
President Director Haryanto Adikoesoemo said, ?The Company?s during the first half of the year focused on improvement in profits and margins with better cost controls and improvement in operational efficiencies. The operating environment in mining sectors continued to be tough, but the focus on maximization of profits enabled the company to report improvement in the overall performance for the first half of 2014 with higher margins and revenue.?
? During the year 2014, the company recorded significant growth in subsidized petroleum business. The Company has completed the construction and started operating the retail outlets across Indonesia as per BPH Migas allocations and we are confident of distributing the allocation for the year. We also look forward to actively participating in distribution of the subsidized petroleum and supporting the Government efforts in efficiently distributing the fuel, controlling and reporting the usage of the Petroleum products .?
Editing by Johannes Simbolon