Indah Kiat booked losses

PT Indah Kiat Pulp & Paper (INKP) Tbk reported operating loss of US$48 million in the first quarter 2009 on poor margin. 

INKP reported net sales revenue of US$375.9 million, dropped 38% from the same period last year. Meanwhile its cost of goods sold declined only slightly to US$380 million, resulting in gross loss of US$4 million against gross profit of US$197.7 million in Q1 2008.

As operating expenses declined only slightly, INKP reported operating loss of US$48.3 million in Q1 2009 against operating profit of US$149 million in the same period last year. 

Indah Kiat reported net loss of US$3.1 million only in the first quarter, thanks to gain on foreign exchange translation of US$44.9 million.

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