Despite lower revenue (-15.2% yoy) of Rp2.5tn as per 1H10, gross profit was up 7.7% yoy, on the back of better quality projects which provide higher margin as well as higher gain from joint operation projects. The figure is above our and consensus estimates. Yet on the operating level, we noticed that the company posted higher general and administration expense (+33.1% yoy), which resulted in lower operating profit (-1.7% yoy).
Going further down, the company booked lower loss from forex (-92.9% yoy) as well as interest expense (-84.7% yoy). Furthermore WIKA booked gain in the extraordinary account as much as Rp33.5bn, which boosted net profit by 50.8% yoy. Excluding such account, core net profit still grew 22.3% yoy. In general, such result is above our and consensus estimates. WIKA is currently trading at PER10F of 12.8x.
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