AKR?s 2010 net profit increases by 13 percent

Indonesia-listed fuel distributor and logistics firm AKR Corporindo Tbk said on Wednesday that its audited 2010 net profit reached Rp 310.92 billion (1 US$ = Rp 8,715), an increase of around 13 percent compared to the previous year's.

Consolidated sales revenue in 2010 reached Rp 12.19 trillion, up from Rp 8.96 trillion.

AKR expects an increase of between 20 percent and 30 percent in gasoline sales this year in line with the expansion of its retail outlets.

The company targeted to sell 1.3 million kiloliters (kl) of fuels in 2010 and the target was quite achievable because up to September, the sales had reached 951,000 kl.

The company built a number of gasoline stations in South Sumatra, Lampung, West Kalimantan, South Kalimantan and South Sulawesi to further expand its distribution networks.

The company sold 1.025 million kl of petroleum products in 2009, up 53 percent compared to 2008. Sales of basic chemicals reached 904,000 MT in 2009. (denny)