Tri Polyta posts Rp 24.9b net loss in first quarter<\/p>\n
JAKARTA (JP): PT Tri Polyta Indonesia posted a net loss of Rp
\n24.9 billion (US$10.4 million) during the first quarter this
\nyear, blaming it on the rising price of propylene, its raw
\nmaterial.<\/p>\n
The company said here yesterday that while the propylene price
\ncontinued to rise, the price of polypropylene, which was made
\nfrom propylene, was unchanged.<\/p>\n
The net loss, using U.S. Generally Accepted Accounting
\nPrinciples (GAAP), was Rp 967 per American Depository Share
\n(ADS), up from Rp 916 for the first quarter, the company said.<\/p>\n
The company said that earnings before interest, taxes,
\ndepreciation and amortization were Rp 11.1 billion compared to Rp
\n48.5 billion in the same period last year.<\/p>\n
During the first quarter, Tri Polyta reported net sales of Rp
\n145.7 billion, a 10.9 percent decrease on last year.<\/p>\n
\"The decrease reflects a lower sales volume on reduced
\nproduction as well as a narrower Delta P, which is the difference
\nbetween the price of polypropylene and the price of feedstock
\npropylene,\" the company said.<\/p>\n
It said that in the first quarter, the average Delta P was
\n$242, down from an average $467 in the same quarter last year.
\nThe average Southeast Asia Delta P was $226 this quarter, down
\nfrom $429 last year.<\/p>\n
The company said that the potential impact on profitability
\nfrom a narrowing Delta P, management had decided to conserve cash
\nto ride out the short-term margin squeeze. As a result, Tri
\nPolyta would not pay a dividend on last year's earnings.<\/p>\n
The company said it would conserve the financial strength of
\nthe company by cutting exports, focusing on domestic sales and
\nexamining the cost structure of the firm.<\/p>\n
Tri Polyta posted a net loss of Rp 10.6 billion in the fourth
\nquarter last year. (bnt)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/tri-polyta-posts-rp-249b-net-loss-in-first-quarter-1447893297",
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