CLSA Bakrieland (ELTY IJ) – weaker than expected by Sarina

Bakrieland (ELTY IJ) reported a weaker than expected 1Q10 result, with Net Profit 1Q10 of Rp28bn, at 19% of our FY10 and consensus expectation.
Sales revenue booked at Rp206bn, a 27% increase YoY, and EBIT at Rp33bn rose 28% YoY.
EBIT margin was 16%, stable from last year, but net profit only grew 7% Yoy mainly due to lower interest income booked.