State fertilizer cos booked US$210 M profit

PT Pupuk Sriwijaya, parent company of state-owned fertilizer producers, reported net profit of Rp2.112 trillion last year, surged 32% from 2007 on higher sales and operating margin.

According to Pusri's financial report published this morning, the company recorded net sales revenue of Rp36 trillion or about US$3.6 billion (at Rp10000/USD) last year, jumped 63% from 2007 at Rp22.2 trillion.

Pusri is the parent company of PT Petrokimia Gresik, PT Pupuk Kujang, PT Pupuk Kaltim, PT Pupuk Iskandar Muda, and PT Rekayasa Industri (engineering firm). Pupuk Kaltim is in the process to raise funds from the capital market.

Pusri booked operating profit of Rp4.78 trillion last year, increased 73% from 2007 and then net profit of Rp2.12 trillion (against Rp1.58 trillion in 2007).

Pusri had a consolidated asset of Rp31 trillion as of December 31, 2008, increased 36% from December 2007. The fertilizer companies normally produce ammonia, urea, and compound fertilizers.

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