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[Release] Barito Pacific Posted Rp 235.1 billion of Net Profit in the Third Quarter of 2011
PT Barito Pacific Tbk (BRPT) posted a net profit of Rp 235.1 billion in the third quarter 2011, up for a 963.3% over the same period in 2010 which had a net loss of Rp 27.2 billion.
The increase in net profit is caused by a rise in profits before tax to Rp 279.8 billion from Rp 60.7 billion in the third quarter 2010 or a 360% increase. This increase was also affected by the contribution of income from the disposal of ownership in PT Chandra Asri Petrochemical Tbk by 7.13% to SCG Chemicals Co., Ltd. Meanwhile, corporate administrative expenses decreased from Rp 350 billion in the period 30 September 2010 to Rp 291 billion in the period 30 September 2011.
Company also recorded a 23.2% total revenue growth from Rp 12.2 trillion in first semester 2010 to Rp 15.1 trillion in the same period 2011. The petrochemical sector contributed 99.4% of total revenue followed by other sectors such as timber, plantation and property.
"The increase in net profit solidified the Company's plan to hold a quasi-reorganization," said Senior Vice President of Investor Relations Barito Pacific Tbk PT Agustino Sudjono.
Until June 30, 2011, cash and cash equivalents position of the company has reached Rp 1.45 trillion, suggesting the company is in strong and healthy financial condition.
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.