Profit Up 273.2 percent Eterindo

Eterindo Wahanatama Tbk PT (ETWA) posted a first-half net profit rose 273.2 per cent to Rp33, 2 billion compared with the same period last year ie Rp 8, 9 billion.

The growth is in line with the company’s revenue increased 51.2 percent to Rp605, 4 billion. The increase is also supported by the large volume of sales. Sales volume stood at 39,000 metric tons, up by 34.5 percent from 29,000 metric tons in the last year with the average selling price of Rp9, 3 million metric tons in the first half of 2013.

President Director Immanuel Sutarto, stated operational performance during the first half of this biodiesel has increased significantly compared to the same period the previous year.

“We hope that the Government will soon implement a policy mix of 10 percent biodiesel (B10) in 2013 as a way of improving national energy security,” he said in a written statement published on Thursday (08/01/2013).

Gross profit increased 58.8 percent from Rp54, 6 billion to Rp86, 7 billion. Gross margin to 14.3 percent from 13.6 percent the same period last year.

Operating profit jumped by 57.1 percent from Rp34, 2 billion to Rp53, 8 billion. Similarly, EBITDA increased 82.9 percent to Rp66, 3 billion compared with the same period last year ie Rp36, 2 billion.

Equity increased from 0.8 times to 1.2 times as a result of an increase in bank debt amounted to 64.8 percent from Rp350, 7 billion to Rp577, 9 billion
to finance the growth of its business.