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Friday, November 26, 2010

Malindo not set a new net income target

BI / exchange
15/11/2010
Irvin Avriano A.
Bisnis Indonesia

Malindo not set a new net income target

JAKARTA: A listed animal feed company, PT Malindo Feedmill Tbk, not to increase this year's net income target that have been achieved in 3rdQ/2010, which was booked at IDR112.11 billion level.

Based on financial statement published today, the company recorded an increasing net income by 97.89% from IDR56.65 bio that was recorded in the 3rdQ/2009. In the late last year, the company posted a net profit of IDR75.97 bio, and their net profit targets set at the end of this year amounted to IDR83.56 bio.

"Our net profit target for this year only 10% [from last year], and has been achieved, but we have not set a new target," said Malindo Corporate Secretary Rudy Hartono when contacted yesterday.

He also explained the company did not set target for their revenue and only hope its equivalent to that recorded last year amounted to IDR1.86 trillion.

He said the company increased net profit was mainly supported increased revenure IDR36.19 billion, or 2.54% from IDR1.41 trillion in the 3rdQ/2009 to IDR1.45 trio per 3rdQ/2010.

In addition, he continued, the company also take benefits from declining prices of corn which is a main ingredient in the animal feed company this year, compared with last year.

According to him, facing an increasing corn global price which hit a record in October will not be taken effect on the company's financial performance because the company had locked the price when commodity prices are low at the middle of the year.

"That's been our key to the price, so our purchasing price will not rise high as what happened in the market."

According to him, the condition is also supported by reduction in cost of revenue of the company. Decrease in cost of goods sales was recorded at 4.37% from IDR1.25 trio per 3rdQ/2009 to IDR1.2 trio for the 3rdQ/2010.

He also said feed raw material purchase strategy is also one of his company's main weapons to reduce cost of good sales. He said the company benefited from the application of purchase techniques with a credit system which time is shorter or only by cash, so the burden is not as high as last year's purchases.

In the 3rdQ/2010, the company also posted a net profit margin of 7.7%, which was increased by 92.97% of net profit margin in the 3rdQ/2009 amounted to 3.99%.

Rudy adding the company still can not disclose its corporate action plan is planned to be held early next year. According to him, a plan of action unrelated to raising funds through the equity and the value also not significant, so it will not much affect the company stock price.

He added that the management also have explained the plan to stock exchange authorities that the plan still have not matured so that can't be delivered yet. Rudy explained the company also believes the plan is not yet known to market participants so that the causes of rising stock prices that happen nowadays not caused by the company's corporate action plan.

In addition, he said, the cause of delays in preparing the company's financial statements is because there are technical errors in information technology in the stock issuer.

Company's stock price that was coded MAIN close higher by 24.27%, or IDR625 to IDR3,200 level yesterday afternoon and establish its market capitalization amounted to IDR1.08 trio. Since late last year, the stock has given return of investment of 277.06% to their investors.

The share price was about hit the upper limit of trading after a suspension of trade opened this morning. Suspension is stock exchange authorities at the end of last week is intend to calm the market due to increased price of 134.09% or IDR1,475 to IDR1,100 at the close of October 28th, to IDR2,575 on November 11th.

The largest shareholder of the company that led by Lau Chia Nguang it is Dragon Amity Ltd. as much as 59.1% as of end of September. The rest is held by public by 40.9%.

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