Chandra Asri?s net profit jumps by more than 1,000%

IDX-listed petrochemical company PT Chandra Asri Petrochemical Tbk reported its net profit last year surged by over 1,000 percent to US$300.1 million from $26.3 million in the previous year.

The company said in a statement issued Sunday that revenue jumped by 40 percent to $1.93 billion year-on-year. It added that sales volume increased by 64 percent to 2,024 kilo tons after the company completed the expansion of its cracker facility in 2015.

Meanwhile, gross profit jumped by 239 percent to $494.3 million year-on-year. Gross margin expanded to 25.6 percent from previously 10.6 percent, while EBITDA increased significantly to $509.5 million from $154.9 million.

?Going forward we?ll continue our strategy more toward downstream and expansion to meet growing domestic demand,? said Chandra Asri Director Suryandi in the statement.

The company expects the expansion of its butadiene production capacity from 100 kilo tons per annum to 137 KTA to be completed next year. A joint venture with Michelin, PT Synthetic Rubber Indonesia will complete solution styrene butadiene rubber facility with capacity of 120 KTA also in 2018.

Editing by Reiner Simanjuntak