Jaya Pari booked 544.32% net profit

BI/bursa

21/10/2010

Irvin Avriano A.

Bisnis Indonesia

Jaya Pari booked 544.32% net profit

JAKARTA: PT Jaya Pari Steel Tbk, an iron and steel producer, posted an increasing net profit of 544.32% in the 3rdQ/2010 to IDR33.79 billion compared with net losses booked IDR7.6 billion in the 3rdQ/2009, due to company's increasing sales and limited operating expenses.

In the financial statements published on the exchange authority website in Thursday, the company shows their revenues increased 42.52% from IDR216.32 billion in the 3rdQ/2009 to IDR308.31 billion in the 3rd Q of this year. But their cost of goods sold increased only 27.99% and resulted in an increase in gross profit of 227.77%.

Company operating expenses also increased by 24.77% from IDR9.43 billion in the 3rdQ/2009 to IDR11.77 billion in the 3rdQ/2010 and causing its profit increased by 531.94% from IDR6.29 billion to IDR39.8 billion.

The other expense/income Surabaya-based company also turned around at 104.21% of expenses amounting to IDR13, 92 billion in the 3rdQ/2009 become revenue of IDR587.33 million in the 3rdQ/2010 due to strengthened rupiah exchange rate to US dollar.

The increase in net profit does same thing in net income per share, which soared 531.9% from IDR8.4 to IDR53 per share. The company's net profit margin also soared by 411.74% from 3.51% to 10.96% in the same period.

In the end of September, the portion of Jaya Pari shareholders are International Magnificent Fortune Ltd amounting to 35.7%, Vihara Ltd 32.72%, president commisioner Gwie Gunawan 16%, president director Gwie Gunadi Gunawan 0.001%, and public 16.05%.

Currently the company has about 8.29% stake Steel Tbk, which is an affiliated company.

The financial statements of the company boosted its share price that code JPRS rose by 25% to IDR1,000 level and establish its market capitalization to IDRp750 billion in Thursday. Last weekend, its weakened to IDR850 level.