Truba Alam profits plunges 91 percent
Wednesday, December 22 2010 - 02:39 AM WIB
PT Truba Alam Manunggal Engineering Tbk (TRUB) suffered a significant drop in earning during the first nine months of this year due to rising interest rate costs and the decline in foreign exchange gains.
The company said that its net profit dropped 91 percent at the end of the third quarter to Rp 26 billion (US$=Rp 9,042) from Rp 318 billion. ?The drop in the profit was caused by rising interest rate costs and lower foreign exchange gain,? the company?s corporate secretary Gamala V. Katoppo said recently.
Gamala said that the company?s foreign exchange gain dropped to Rp 100 billion during the first nine months from Rp 300 billion in the same period, last year. Although there was a significant drop in net profit, the gross profit rose by seven percent to Rp 258 billion from Rp 241 billion during the period. (*)