AKR Corporindo (BUY –Rp540) - FY08 Net Profit Hit by Forex
AKRA reported strong FY08 performance triggered by strong performance across all divisions. FY08 revenue increased by 60.7% YoY to Rp9.5tr from Rp5.9tr in FY07. Petroleum sales rose by 93.3% YoY to Rp5.1tr from Rp2.6tr in FY07. Petroleum sales volume grew by 28.6% YoY to 671,752kl. Despite a fall in volume, FY08 basic chemical sales was reported increased by 36.6% YoY to Rp2.1tr on the back of higher margin realization. Sales volume of chemical was down by 2.5% to 883,281 MT in FY08 (vs 906,018 MT in FY07). Manufacturing business also posted strong performance with 64.8% YoY increase in sales, which reached Rp2.1bn. Logistic business increased by 28.2% YoY to Rp291.3bn (vs Rp227.3bn).
FY08 gross profit was up by 40.2% YoY to Rp1.0tr, translating into gross margin of 11.0% (vs 12.6% in FY07). Strong gross performance led to a 57.6% jump in operating profit to Rp619.8bn in FY08 from Rp393.3bn in FY07.
Fluctuation in IDR during 4Q08 has resulted in a Rp149.3bn forex loss. However, AKRA still managed to book 9.8%YoY growth in FY08 net profit to Rp210.0bn from Rp191.2bn a year earlier.
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