AKRA Q1 2010 net profit Rp 70.3 billion higher 61% YOY

PT AKR Corporindo Tbk., (AKRA), Indonesia’s largest private sector petroleum and basic chemical distributor, listed on Indonesia Stock Exchange, reported sales of Rp 2,432 billion representing growth of 33% YOY. Net profit of Rp 70.2 billion during the quarter ended 31st March 2010 is 61% higher than same period last year. AKRA reported better performance in its basic chemical and petroleum distribution business driven by increasing demand for basic chemicals and petroleum in the Indonesian domestic market aided by better economic conditions and growing energy demand. Trading and distribution sales revenue grew 46% on the strength of higher volumes sold during the Quarter – Basic chemical volume grew 29% YOY while Petroleum sales volume recorded 36% increase –compared to same period last year. With higher oil prices, the Average selling price of Petroleum products was higher by 26% which contributed to higher sales revenue and improved margins

AKRA’s manufacturing subsidiary, PT Sorini Agro Asia Corporindo Tbk.,(AKRA.. 69.5%) reported lower net profits during the quarter, impacted by an appreciating Rupiah – Sorini is a leading exporter of Sorbitol and Starch derivatives to over 75 countries – and also increasing feed stock prices. Sorini reported Sales revenue of Rp 408 billion while its Net profit after tax decreased to Rp 30.2 billion during Q1’ 2010 from Rp 40.8 billion a year earlier.