JAKARTA: Shares of PT Sumalindo Lestari Jaya Tbk, an affiliated company of Singapore-listed Samko Timber Limited was unchanged at IDR140 at the Jakarta Stock Exchange as of 1.52 p.m. local time after the company suffered a net loss during the first quarter of this year.
Sumalindo suffered more than four-fold loss to IDR48.06 billion due to lower revenue in the first quarter.
Its revenue fell almost one and half times from IDR140.74 billion to IDR95.78 billion in the first quarter. The revenues both from export and domestic markets fell. Its export revenue declined 37.40% to IDR43.17 billion, whilst revenue from domestic market fell 26.70% to IDR52.61 billion.
The company's cash fell 23.11% to IDR8.86 billion as of March 31, 2011. Its asset slightly decreased 5.75% to IDR1.84 trillion and its current liabilities dropped 3.64% to IDR943.87 billion.
Currently, Samko controls 99.987% stake in PT Sumber Graha Sejahtera, which holds 31% ownership in Sumalindo Lestari. Meanwhile, Emirates Tarian Asset Management Pte Ltd holds 16.03%, Deddy Hartawan Jamin owns 8.90%, Deutsche Bank AG (Private Banking) 5.26%, cooperatives 0.06%, and public 38.75%. (NOM)
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Source: http://www.bisnis.com/business/25886-sumalindos-shares-move-moderate-as-net-loss-occurs-in-1q
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