AKR?s Q1 net profit soars

Indonesia-listed fuel distributor and logistics firm AKR Corporindo Tbk reported on Monday its net profit during first quarter 2011 reached Rp 1.8 trillion (1US$ = Rp 8,600), 2,480% increase compared to the same period last year of Rp 70 billion.

Net profit without extra ordinary gains (core profit) rose 82% to Rp 128 billion during Q1?2011 compared to Rp 70 billion during Q1 ?2010. The company booked extra ordinary gains of Rp 1.685 trillion on sale of its manufacturing subsidiary, PT Sorini Agro Asia Corporindo, Tbk., the company said in statement.

Sales revenue during the quarter ended March 31, 2011 rose 79% to Rp 4.353 trillion compared to Rp 2.433 trillion during the same period last year, driven by significant increase in petroleum sales, it said.

Sales revenues growth was driven by increased sales of petroleum products, which resulted in the sales revenue increasing 149% to Rp 3,461 billion during the Q1?2011 compared to Rp 1,391 billion during the same period last year. The revenue growth was driven by increase in supply of High speed diesel and other refined products to mining industry in Eastern part of Indonesia along with increase in demand from other industrial sectors. (denny)