INTP Q110 net profit came-in at Rp789 bn (+56% YoY, 23% of UBSe 2010 forecast).
INTP Q110 revenue stood at Rp2.5 tn (+17% YoY, 22% of UBSe 2010 forecast), while EBIT stood at Rp980 bn (+31% YoY, 22% of UBSe 2010 target).
INTP booked Rp54 bn other income in Q110, as opposed to other expenses of Rp49 bn in Q109, supported by: 1) higher interest income; 2) FX gain (vs. FX loss last year); and 3) lower interest expenses.
Good set of Q110 numbers – slightly ahead (5% above) consensus. With domestic capacity utilization rate of 75% (SMGR at 95% and SMCB at 80%), INTP is best positioned to benefit from increased cement consumption in 2010-2011.
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