In 1H10, London Sumatera managed to book net income of Rp417.8bn, a 45.7% YoY jump from Rp286.7bn in 1H09. Sales was up by 8.3% from Rp1.45tn to Rp1.57tn.
Profitability improved as the company reduced operating expenses making operating margin increase by a significant 8.9% to 36.4% in 1H10. However a reduction in interest expense to only Rp15.1bn was offset by forex losses of Rp13.7bn from an interest expense of Rp25.6bn and forex gain of Rp14.6bn. This made net margin only improve by 6.8% to 26.7%.
On a quarterly basis, revenue growth was strong, increasing by 30.3% to Rp886.2bn, making net income jump by 48.9% to Rp167.9bn.
LSIP is trading at 2011F consensus PER of 12.2x and EV/EBITDA of 7.7x.
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