AKRA reports Rp351b net profit during H1
Tuesday, July 30 2013 - 01:30 AM WIB
IDX-listed PT AKR Corporindo Tbk (AKRA), an integrated supply chain solutions provider and largest private sector distributor of petroleum and basic chemical, announced on Monday that during the first half of this year it managed to book a net profit of Rp 350.9 billion, a 17.9 percent increase from Rp 297.6 billion in the same period last year.
Based on its consolidated financial statements for the first half of this year ended on 30th June 2013, the company recorded sales and revenues at Rp 10,616.6 billion, which is more less the same compared to the same period last year. Petroleum distribution contributed 79 percent of the total sales with basic chemicals distribution accounting for 14 percent of the total sales revenue, the company said in a press release received by petromindo.com on Monday.
Gross profit during the first semester is Rp 638.8 billion, as compared to Rp 621.7 billion during the same period last year. Gross margin improved to 6 percent, as compared to 5.8 percent during the same period last year. Operational profit increased by 3.7 percent to Rp 406.0 billion, while the profit attributable to equity holders of the parent entity increased by 17.9 percent to Rp350.9 billion.
The company?s net profit margin improved to 3.3 percent during the first half, as compared to 2.8 percent during the same period last year.
Commenting on the financial results President Director, Haryanto Adikoesoemo, said, ?AKR financial performance during the first semester was satisfactory, with the company in a position to maintain the sales volumes in petroleum despite the slowdown in the coal industry and disruption of supplies in a major customer site.?
?The Company continues to maintain a strong balance sheet, with sufficient resources to fund its ongoing projects while monitoring carefully the working capital management and key financial ratios? he added.
The downstream regulator BPH Migas has awarded the company with additional volume of 612,000 kiloliters of subsidized fuel for distribution in Indonesia, making its total allocation at 881,000 kiloliters for the year 2013.
Editing by Benget Besalicto ST