Tri Polyta profit soars
PT Tri Polyta Tbk, the largest polypropylene manufacturing in Indonesia, reported on Tuesday (March 2) that its net profit skyrocketed to Rp 483 billion in 2009 after posting a loss of Rp 14 billion in previous year, partly due to foreign exchange gains.
The surge in bottomline was in line with a jump of operating profit to Rp 783 billion from a modest Rp 63 billion a year earlier. Tri Polyta posted forex gain of Rp 148.44 billion in 2009 in line with rupiah appreciation last year, compared to forex gain of Rp 77.63 billion in previous year.
The net profit rise also reflected in its earning per share (EPS), which surge to Rp 663 per share against loss per share of Rp 19 in previous year. Its sales, however, was slightly lower 5% at Rp. 4.74 trillion compared to Rp 4.99 trillion in 2008. Its assets edged up 15.7 percent to Rp 2.75 trillion from Rp 2.38 trillion in previous year.
Tri Polyta is a subsidiary of PT Barito Pacific (BRPT) Tbk. The company is expanding its polypropylene plants in Merak, Banten province. The company sourced its raw material (propylene) from sister company PT Chandra Asri Petrochemical Center (CAPC). (Roffie)