Indonesia Today by Yosef Ardi

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)

Labels: Barito Pacific, Chemical

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BNI provides Chandra Asri US$15 M

State-owned Bank Negara Indonesia (BNI) has signed L/C facility of US$15 million with PT Chandra Asri Petrochemical Center (CAPC), a subsidiary of PT Barito Pacific (BRPT) Tbk controlled by Prajogo Pangestu.

Barito Pacific agreed to provide corporate guarantee for the facility which covers a maximum 70% of the facility's requirement. BRPT stock surged from its low at Rp450 in January 2009 to Rp1710 in August 26, 2009, but then retreated to Rp1260 recently. Still, that would give a 180% gain this year.

At Rp1260, BRPT has market capitalization of US$930 million. BRPT has total asset of Rp17.58 trillion or about US$1.85 billion as of June 30, 2009. BRPT reported net profit of Rp383.7 billion in H1 2009 against net loss of Rp372 billion in the same period last year on improved operating margin.

Labels: Barito Pacific, Chandra Asri, Prajogo Pangestu