JAKARTA: Net income of paper producer PT Tjiwi Kimia Tbk, a subsidiary of Sinarmas Group, more than halved or a 55.5% decline to US$16.39 million in the first quarter 2011 from US$36.85 million in the same period of last year.
The lower income was due to higher cost of goods sold and operating expenses by 6.3% and 3.3% each, it wrote in the financial statement ended on March 31, 2011.
Adding to the decline, net earnings per share that can be attributed to the shareholders of its parent company also fell by 57.1% to US$0.012 from US$0.028.
Cost of goods sold widened to US$284.56 million from US$267.54 million leading to lower gross income by 7.9% to US$58.49 million from US$63.53 million.
Meanwhile, the operating expenses also climbed to US$27.85 million from US$26.96 million.
The TKIM-coded shares were traded at 25 points or 0.93% higher to 2,700, leading to a market capitalization of IDR3.60 trillion. (T01/NOM)
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Source: http://www.bisnis.com/business/25710-tjiwi-kimias-net-income-falls-by-555-in-1q
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