Petroleum distribution revenues lift AKR Corporindo net profit
Wednesday, October 26 2011 - 01:50 AM WIB
In the period, the company posted core net profit of Rp456 billion, compared to Rp225 billion in the same period last year.
Its net profit after tax reached Rp2.14 trillion, attributable to the owners of parent entity, including extraordinary profit of Rp1.68 trillion arising from the sale of its investments in PT Sorini Agro Asia Corporindo Tbk, which was completed in January 2011.
AKR distributes refined petroleum products, such as high speed diesel, fuel oil and gasoline to mining, power, industrial and commercial sectors. Revenues from petroleum distribution in the nine months period jumped by 124 percent to Rp11.50 trillion, compared to Rp5.14 trillion during the same period last year.
?Increasing demand for high speed diesel from mining companies and increased market penetration in eastern Indonesia enabled AKR to increase sales volumes in Indonesia,? AKR said in a press statement.
Overall consolidated total revenue during the nine months ended September 30, rose 69 percent to Rp14.38 trillion compared to Rp8.54 trillion in the same period last year.
It said sales volume increased 67 percent year-on-year, while selling price of petroleum products were also higher in line with higher world oil price.
The company said basic chemicals distribution business also booked impressive growth of 34 percent to Rp1.89 trillion during 9M 2011 from Rp1.41 trillion in the same period last year, driven by increasing demand for basic chemicals which is the raw material for production of various industrial and consumer goods.
Meanwhile, demand for logistics services including stevedoring, port handling in Indonesia and China also registered 48 percent increase in sales revenue during 9M 2011 compared to 9M 2010 though the volume of coal handled in Guigang registered lower volumes.
In the third quarter alone, AKR posted revenues of Rp5.32 trillion, up 61 percent compared to third quarter last year, driven by 20.8 percent petroleum distribution volume growth. Its net profit (before extraordinary items) reached Rp182 billion in the third quarter, jumped 115 percent compared to the same period last year. (giok/godang)