NISP Barito Pacific income plunges by 93.5% YoY (BRPT, Rp1,300)

· Barito Pacific reported a net income of Rp24.9bn, plunging down by 93.5% YoY from Rp386.2bn the previous year despite that sales were up by 27.7% YoY to Rp 8.78tn.
· Higher growth in COGS made the company’s gross profit to decrease by 27.7% to Rp747.3bn. As such this seeped down to the bottom line.
· On a quarterly basis, the decline in performance was even more evident, as revenue decreased by 36.1% QoQ to Rp3.42tn. The company’s main revenue comes from petrochemicals business, which was hurt by a drop in polypropylene prices that have dropped by 17% in the second quarter to US$0.56/lb. As such bottom line was in the red with a net loss of Rp92.1bn in 2Q10.