Chandra Asri reports strong performance
Thursday, October 27 2016 - 01:16 AM WIB
IDX-listed PT Chandra Asri Petrochemical Tbk (CAP), Indonesia's largest integrated petrochemical company, said that net profit in the third quarter (Q3) of this year jumped by 553 percent to US$85.10 million from $13.03 million in the corresponding period of last year, primarily benefiting from strong product margins and higher sales volumes from its expanded Ethylene Cracker.
The company said in a statement on Wednesday, for the nine-month period ending September 30, 2016, CAP reported a record net profit of $216.85 million, a surge of 601 percent from $30.94 million in the same period last year.
Net Revenues for the nine-month period of this year was $1,400.45 million as compared to $l,144.0 million for the same period in 2015, up 22 percent. The company's gross profit increased 198 percent to $359.43 million from $120.51 million.
As a result, gross profit margin jumped to 25.7 percent from 10.5 percent yo-y reflecting strong petrochemical margins aided by supply/demand dynamics and lower feedstock costs, coupled with 45.5 percent higher sales volume from l,117.3KT to l,625.9KT y-o-y.
Similarly, the underlying earnings before interest, depreciation and amortisation (EBITDA) for the nine-month period ending September 30, 2016 increased significantly to $370.4 million from $133.8 million for the same period last year.
CAP said this strong performance reinforces its ability to deliver positive growth momentum despite challenging business and operating conditions amid a slowing domestic and global economy. ?The company remains optimistic to deliver a record performance for full year 2016,? CAP said.
Editing by Reiner Simanjuntak