AKRA Q1'2016 Net Income Rp 255 billion

JAKARTA – 26th April 2016

PT AKR Corporindo Tbk (AKRA.IJ) today announced its unaudited financial results for the quarterly ended 31st March 2016 with profit for the period attributable to equity holders of the parent entity of Rp 255 billion. The gross sales revenues of the company of the 3 months ended March 31, 2016, is Rp 3,572 billion.

Table 1. Highlights of Consolidated Statement of Income - Unaudited
(Rp billion)

The Company reported better margins during the Q1’2016 as follows:

Commenting on the first quarter financial results, President Director Mr Haryanto Adikoesoemo said “AKR continued to increase its sales volume of industrial fuel during the 1st quarter of 2016 to customers in various industrial segment. Revenues were lower due to a decline in petroleum prices however we continue to manage the risk effectively and maintained overall margins”.

“Our retail petroleum division has launched an unsubsidized gasoline product ‘AKRA92’ through our retail petrol outlets in Sumatra, Java and Kalimantan and we see opportunities to expand this market segment by leveraging upon our infrastructure network” said Haryanto.

SALES AND REVENUES
Sales revenues declined to Rp 3,572 billion from Rp 4,801 billion mainly attributed to the steep decline in petroleum selling prices despite recording an increase in volume of petroleum products sold. Sales of basic chemicals during Q1’2016 were Rp 856 billion during the first quarter of 2016. Similarly, logistics and manufacturing segments have both recorded revenues of Rp 183 billion and Rp 150 billion during the first quarter of 2016 respectively.

During Q1’2016 the Company has not recorded land sales in JIIPE whereas in Q1’2015 the company reported its maiden industrial sales.

Table 2. Sales and Revenues Breakdown by Segment
(Rp billion)

Financial Position
Total assets of the Company as at 31st March 2016 is Rp 14,556 billion while the total liabilities is Rp 7,059 billion. Net equity attributable to the equity holders of the parent company is Rp 7,497 billion.

Net gearing of the company remains low at 0.43x as at 31st March 2016 while it’s Return on Asset improved to 7.0% during Q1 2016 compared to 6.8% during the same quarter last year.

Table 3. Balance Sheet as at 31st March 2016 and 31st December 2015
(Rp billion)

Financial Ratios

Table 4. Financial Ratios

The full financial statements can be downloaded from the Company’s  website

http://www.akr.co.id/  

Haryanto Adikoesoemo
President Director