AKR reports lower profit, revenue on declining fuel prices
Wednesday, April 27 2016 - 03:19 AM WIB
The company, which is engaged in fuel distribution, said in a statement Tuesday that revenue in the quarter ending March stood at Rp 3.57 trillion, a 25.62 percent decline from Rp 4.80 trillion in the January-March period of last year, due to falling oil fuel selling prices, despite an increase in sales volume of fuel products.
?AKR continued to increase its sales volume of industrial fuel during the first quarter of 2016 to customers in various industrial segment. Revenues were lower due to a decline in petroleum prices, however, we continue to manage the risk effectively and maintained overall margins,? AKR President Director Haryanto Adikoesoemo said in the statement.
?Our retail petroleum division has launched an unsubsidized gasoline product ?AKRA92? through our retail petrol outlets in Sumatra, Java and Kalimantan and we see opportunities to expand this market segment by leveraging upon our infrastructure network,? he added.
Elsewhere, AKR said that sales of basic chemicals during the first quarter of this year were Rp 856 billion. Similarly, logistics and manufacturing segments have both recorded revenues of Rp 183 billion and Rp 150 billion during the first quarter, respectively.
During the quarter, the company has not recorded land sales in JIIPE industrial estate whereas in the first quarter of 2015 the company reported its maiden industrial sales.
Total assets of the company as at March 31, 2016 is Rp 14.55 trillion while the total liabilities is Rp 7.06 trillion. Net equity attributable to the equity holders of the parent company is Rp 7.50 trillion.
Net gearing of the company remains low at 0.43x as at 31st March 2016 while it?s Return on Asset improved to 7.0 percent during first quarter of 2016 compared to 6.8 percent during the same quarter last year.
Editing by Reiner Simanjuntak