Lautan Luas profit drops 70%

Chemical distributor and manufacturer PT Lautan Luas (LTLS) Tbk reported net profit of Rp48.98 billion in the first half 2009, dropped 70% from the same period last year on lower operating margins.

Lautan Luas recorded net sales of US$182 million in H1 2009, declined 16% from the same period last year, while its cost of sales and service only down 8%. Operating expenses almost unchanged in the period. As a result, Lautan Luas reported operating profit of Rp96.6 billion, dropped 67% from the same period last year.

The company's total asset also declined 7% to Rp2.88 trillion in June 2009. Lautan Luas is controlled by Masrin Family. The company is also a partner of Djarum and Wings Group in the oleochemical business.

READ MORE!!!