Barito Pacific

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[Release] Barito Pacific Posted First Quarter 2011 Net Profits Rp 131,07 Billion

PT Barito Pacific Tbk (BRPT) posted a net profit of Rp 131.07 billion in the first quarter in 2011, up 50.46% over the same period in 2010 which was Rp 87.11 billion. The increase is caused by an enhancement in profits before tax to Rp 222.42 billion from Rp 198.45 billion in the first quarter of 2010 or an increase of 12.08%.

"The amount of net profits indicates that the Company's business is becoming more solid, especially after the Company successfully merged its subsidiaries, PT Chandra Asri and Tri Polyta Indonesia Tbk," said Senior Vice President of PT Barito Pacific Tbk Agustino Sudjono.

This condition also solidified the Company's plan to implement a quasi reorganization which will be implemented this year. "The first quarter – 2011 performance gives a positive signal to shareholders and stakeholders about the optimism of our future in short, medium and long term," said Agustino.

As of March 31, 2011, cash and cash equivalent position of the Company has reached Rp 1.23 trillion. "Referring to the amount of cash and cash equivalents, the company is strong and healthy," added Agustino.

After successfully merged its subsidiaries, PT Chandra Asri and PT Tri Polyta Indonesia Tbk to PT Chandra Asri Petrochemical, the company seeks to continue the development of the petrochemical business by increasing the production capacity of its subsidiary.

This year, PT Chandra Asri Petrochemical completes its debottlenecking project to increasing the production capacity of polypropylene products from 360,000 tons to 480,000 thousand tons per year.

In addition, the Chandra Asri Petrochemical, this year will begin the construction of butadiene plant, under PT Petrochemicals Butadiene Indonesia (PBI). "This plant is a strategic industry which will contribute positively to this nation and also to the Company," said Agustino.

PT Barito Pacific Tbk at a glance

PT Barito Pacific Tbk (BRPT) was established in 1979 and listed its shares on the Jakarta and Surabaya bourses (recently merged to become the Indonesia Stock Exchange/IDX) in 1993. BRPT engaged in the forestry, petrochemicals, property and plantation industry sectors, and ultimately evolved into a fully diversified resource-based enterprise with growing interest in the mining and energy sectors, among other developments.