JAKARTA: Listed building material distributor, PT Kokoh Inti Arebama Tbk (KOIN), in fact suffered IDR43.56 billion net loss in January-September period on lower net sales although it successfully booked IDR4.43 billion net income during the first six month this year.
In the same period last year, the company newly acquired by Thai’s Siam Cement Group also packed IDR5.59 billion net income.
Based on the unaudited financial report published today, such net loss was due to 5.8% drop in net sales to IDR512.88 billion from IDR544.46 billion in the same period last year.
Operating expense surged by 43.43% to IDR132.49 billion in January-September period compared to the same period last year at IDR92.37 billion.
As a result, the company led by Wichai Pokinwong must bear IDR38.79 billion operating loss, reversing its IDR13.89 billion operating income in the same period last year.
At mid of the year, Siam Cement Group through its subsidiary SCG Distribution Company Limited acquired 70.35% stakes or 690 million stakes of Kokoh Inti Arebama. Referring to the data of Indonesia Stock Exchange, SCG’s stake ownership is 99.09% while the remaining 0.91% is controlled by public.
Both SCG Distribution and KOIN happen to be building material distributors. Through this particular acquisition, Siam Cement Group expects to widen Siam Cement Group’s penetration in Indonesian market. (T02/NOM)
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