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.

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Lautan Luas injects Singapore subsidiary

Chemical distributor and manufacturer PT Lautan Luas (LTLS) Tbk has added S$8.66 million into the capital of Lautan Luas Singapore Pte Ltd. 

With the injection, the Singapore subsidiary will have total capital of S$30.66 million. Lautan Luas told Capital Market Supervisory Agency (Bapepam) today that the capital injection is part of the company's efforts to strengthen its business and network overseas.

Lautan Luas is a leading chemical player with total assets of around US$350 million. The company reported net profit of Rp145.9 billion last year, doubled from Rp71.7 billion in 2007, while sales revenue surged to Rp4.46 trillion or about US$440 million.

Lautan Luas Singapore has total asset of around US$100 million. LTLS also controls three JVs in China and two subsidiaries in Thailand and one in Vietnam.

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