Sumi Kabel Indo losses IDR2.38 billion in 1st Q

Wednesday, 28/04/2010 12:55:48 AM

Sumi Kabel Indo losses IDR2.38 billion in 1st Q

By: Irvin Avriano A.

Bisnis Indonesia

JAKARTA (Bisnis.com): PT Sumi Kabel Indo Tbk booked a net loss of Rp2, 38 billion in the 1st quarter of 2010 , decrease 238.86% from net income of IDR38,8 billion in the 1st Q/2009.

Based on their financial report announced today, the company recorded higher sales of 15.63% in the quarter compared with the same period last year amounted to IDR247.4 billion to IDR286.07 billion.

However, their sales is burdened by higher selling expenses which rocketed from IDR196 billion to IDR273.83 billion in the same period.

Expenses was primarily due to inflated raw material usage that booming at 62.04% from IDR151.67 billion to IDR245.76 billion.

In addition, the company also experienced a surge in net foreign exchange losses amounting to IDR5.93 billion compared with foreign exchange earnings last year amounted to IDR12.36 billion.

The company is engaged in manufacturing, especially to supply energy and telecommunications cables. Sumi Kabel has a factory in Pasir Jaya village, Tangerang.

As of March 2010, the shareholders of the Company consists of Sumitomo Electric Industries Ltd Japan amounting to 88.06%, Sumitomo Corporation, Japan, amounting to 5%, Sulim Herman Limbono by 0.1%, Shigefumi Ushitani of 0.0032%, and the public for 6.84%.

The share price fell 18.51% when the market open this morning from level IDR1.100 to IDR1.250 level at the trading closing this afternoon and formed the company a market capitalization amounted to IDR336.6 billion. (Wiw)