One of Indonesia's tire maker with stellar brands Achilles, Corsa, and Strada, PT Multistrada Arah Sarana Tbk (MASA) experienced a slight decrease in net profit during the first 9 months of this year, despite lower foreign exchange gain.
The company, submitted the financial report to Indonesia Stock Exchange (IDX) today, posted Rp114.97 billion net profit or Rp18.8 per share in 9M 2010, a 7.33% decrease from Rp124.07 billion or Rp20.3 per share earning a year earlier.
Foreign exchange gain bagged by Multistrada shrank 86.47% from Rp73.89 billion in 9M 2009 to Rp10 billion in 9M 2010, lowering its bottom line.
But, at the operational line, the company posted robust performances. Income from operations inched up 26.38% from Rp138.13 billion at the end of Septembet 2009 to Rp174.57 billion in 9M 2010, putting the margin stood at the level of 11.47%, a slight decrease from 11.52% a year earlier.
In addition, gross profit remained intact. Multistrada booked a 24.62% increase from Rp249.88 billion in 9M 2009 to Rp311.39 billion in 9M 2010. The top line rose 27.73% to Rp1.52 trillion in 9M 2010 from Rp1.19 trillion in 9M 2009.