Sinar Mas Group.Backgrounds
The Sinar Mas Group Sinar Mas Group is one of the largest comglomerates in Indonesia. It was formed in 1962. It has many subsidiaries including APP.
Sinar Mas Group was founded by Eka Cipta Widjaja. Its main businesses are: Pulp and Paper, Agribusiness, Property and Financial Services. (GSM) was founded by Eka Tjipa Wijaya. Its embryo was established in 1959 as a trading company. The trading business flourished allowing it to expand operations to various other sectors making it one of the country's largest conglomerates. The tycoon has handed over ownership of his entire business empire to his children. Eka Tjipta Widjaja is named the second richest Indonesian, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the Globe Magazine.
Before the 1998 monetary crisis, GSM grouped hundreds of subsidiaries under a holding company. However, in 2003, the management of the company group launched a big organizational restructure placing business units separately under his children. The pulp and paper industry The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. is handed over to Teguh Ganda Widjaja, agribusiness companies were under Franky Osman Widjaja, real estate companies under Muktar Widjaja and financial service companies under Indra Widjaja.
Among the group's industrial business recording good performances include pulp & paper and cooking oil industries. In 2008, GSM's exports of pulp and paper and palm oil-based cooking oil were valued at US$ 4.8 billion as against the country's total exports of only US$ 35 billion. Therefore, the GSM alone contributed 11.5% to the country's total export earning. GSM provides jobs for around 300,000 people, involves 2,000 suppliers including suppliers of plant seeds, etc.
GSM has acquired a coal mine in South Sumatra South Sumatra or Sumatera Selatan is a province of Indonesia. It is on the island of Sumatra, and borders the provinces of Lampung to the south, Bengkulu to the west, and Jambi to the north. to better guarantee supply of energy for its business units. GSM also plans to expand operation to oil and gas sector.
GSM has also expanded business foothold abroad. In 1993, GSM started business in the property sector in Shanghai, China through its subsidiary Shanghai Golden Bund Real Estate Co. Early 2010, GSM through another subsidiary Paper Excellence BV in the Netherlands, acquired a paper factory of Mackenzie, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography
at a price of US$ 19.8 million.
Currently GSM divides its business empire into four main groups' pulp and paper industry, agribusiness and food industry, developers and real estate and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. . The financial business is controlled by PT. Sinar Mas Multiartha, the pulp and paper industry under Asia Pulp & Paper (APP); agribusiness is under PT. SMART Corp and property under PT. Duta Pertiwi. It also has other businesses outside the groups Energy and Mining, Trading, Telecommunications and Chemical industries.
Pulp and paper industry
Pulp and paper making subsidiaries under Asia Pulp & Paper include major paper producers PT. Indah Kiat Pulp and Paper, and PT Tjiwi Kimia. In 1981 PT. Tjiwi Kimia was listed on the Indonesian Stock Exchange followed by PT. Indah Kiat in 1990. APP also has other paper making subsidiaries Pindo Deli and Lontar Papyrus papyrus (pəpī`rəs), a sedge (Cyperus papyrus), now almost extinct in Egypt but so universally used there in antiquity as to be the hieroglyphic symbol for Lower Egypt and a common motif in art. not yet going public.
The 1998 crisis rendered a big blow to the pulp & paper business of the SGM SGM
sergeant major . The pulp and paper division defaulted on huge debts of US$14 billion in March 2001. The debt was owed by APP units Indonesia and China. Four paper producing units in Indonesia Pt Indah Kiat Pulp & Paper Tbk., PT Lontar Papyrus, PT Pabrik Kertas Tjiwi Kimia Tbk., and PT Pindo Deli were all badly hit by debt burdens. Restructuring of the debts needed four-years of brain racking negotiations.
APP, based on the result of the restructuring negotiation, was to repay US$4.2 billion of the debts in 13 years US$ 2.5 billion in 18-22 years. This year, APP paid US$145 million in debt interest. Each month APP pays US$ 30 million to an escrow account every month. After the debt restructuring Debt Restructuring
A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage.
Notes: was wrapped up, APP recorded a mind boggling growth in business.
The APP business units have an annual production capacity of 3.2 million tons of pulp, 132,000 tons of tissue and 2.9 million tons of paper. It also has stationery production facility with a factory with a production capacity of 320,000 tons per year. APP produces various brands of paper Sinar Dunia, Bola bo·la also bo·las
A rope with weights attached, used especially in South America to catch cattle or game by entangling their legs.
[From American Spanish bolas, pl. Dunia and Paperline with markets in 65 countries all over the world.
Currently the pulp and paper division has 55,000 workers.
In September 2009, PT. Pabrik Kertas Tjiwi Kimia Tbk acquired 60% stake of PT. Sumalindo Lestari Jaya Tbk (SULI) in PT. Sumalindo Hutani Jaya at a price of US$ 720,150 or around Rp7.2 billion . PT. Sumalindo Hutani Jaya was a joint venture between Sumalindo Lestari Jaya and PT. Inhutani I operating industrial timber estates (HTI HTI Haiti (ISO Country code)
HTI High Tech Institute
HTI Hand Tools Institute
HTI Hamilton Island, Queensland, Australia (Airport Code)
HTI Horizontal Technology Integration ).
By June 2009, Indah Kiat had assets valued at Rp 59.97 trillion, and the assets of Tjiwi Kimia were valued at Rp 23.28 trillion.
In 2009, the group's production of paper and pulp declined. In the first nine months of 2009, Indah Kiat produced only 1.4 million tons of pulp down 12.5% from the same period in the previous year. Paper sales of Indah Kiat dropped to 512,435 tons down 5.8% from 544,071 tons in the same period in 2008.
Meanwhile, paper production of Tjiwi Kimia in the whole of 2009 reached 1.272 million tons, with sales reaching 1.233 million tons. In 2009, the United States accused GSM of paper dumping forcing it's to expand markets in Asian markets.
Early 2010, GSM through Paper Excellence BV in the Netherlands acquired a paper mill in Mackenzie, British Columbia at a price of US$ 19.8 million.
In 2010, PT. Tjiwi Kimia has set aside US$200-US$300 million for new investment. The fund , partly in bank loans, will be used to increase its production capacity for paper and pulp from 4.6 million metric tons to 4.8 million metric tons per year. The capacity will include 1.028 million tons in paper, 2.3 million tons in paper pulp and 1.5 million tons in packaging paper.
In China. GSM took part in the development of the Economic Development Zone of the Qinzhou port city with an investment of US$ 1.2 billion or around Rp 10.88 trillion.
GSM's agribusiness units are under Golden Agri Resources Ltd, which was established in Singapore in 1996 and is listed on the Singapore Stock Exchange in 1999. The biggest shareholder of Golden Agri is Flambo International Ltd. with a 40% share. The rest are other investors and the public. In June 2009, it had a capitalization of US$ 4.59 billion.
GAR gar, member of the family Lepisosteidae, freshwater fishes found in the warmer rivers and lakes of the S United States, Central America, Mexico, and the West Indies. Gars are highly predacious and destroy many useful fish. is the second largest palm oil producer in the world with oil palm plantations totaling 433,000 hectares and 34 palm oil processing factories , 3 refineries and 6 palm kernel oil processing plants in Indonesia. In the second quarter of 201, gAr produced 503,000 tons of fresh fruit bunches.
With the government announcing two-year moratorium in conversion of tropical forests into plantations starting 2011, GAR plans expansion to Liberia, West Africa, where it wants to open 220,000 hectares of oil palm plantations starting with 15,000 hectares in the first phase.
The expansion plan will be implemented through its subsidiary Verdant ver·dant
1. Green with vegetation; covered with green growth.
3. Lacking experience or sophistication; naive. , which controls Golden Veroleum Inc, which holds a 20-year concession of 220,000 hectares for oil palm plantations.
In Indonesia, GAR controls PT Sinarmas Agro Resources and Technology (SMART), which is listed on the Indonesian Stock Exchange in 1992. Through SMART, GSM is the largest oil palm plantation company in the country. GSM operates the most integrated palm oil industry producing various palm oil-based products from cooking oil to soap.
SMART has own subsidiaries operating oil palm plantations, CPO (Chief Privacy Officer) An individual who manages the privacy issues within an organization. Arising out of the privacy regulations in finance and health care in the late 1990s, the CPO position eventually crossed over to all industries. plant and other palm oil-based producing factories. Most of its oil palm plantations are located in Sumatra and the rest are in Kalimantan, and Papua (13,000 hectares). SMART has 129 nucleus and plasma plantations and 33 CPO plants , 5 oil palm cracking factories and 3 processing plants. Its plantation subsidiaries include PT Buana Tunas Mas (16,000 hectares), PT. Sentra Karya Menunggal (20 ,000 hectares), PT. Dula Nusa Lestari seluas (17 ,000 hectares), PT. Anugrah Makmur Sejati (15,000 hectares), PT. Primanusa Mitra Serasi (20,000 hectares), PT Persada Graha Mandiri (20 ,000 hectares), PT. Kartika Prima Cipta (20,000 hectares) and PT Paramitra Internusa Pratama (20,000 hectares).
This company has implemented integrated information system through SAP and has secured the certificate for quality management of ISO (1) See ISO speed.
(2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 and food security certificate of HACCP HACCP
hazard analysis critical control points. for its production facilities (refineries) in Surabaya and Belawan.
By 30 September 2009, the assets of SMART were valued at Rp 10.45 trillion, and its net profit in the first half of 2009 was Rp 537 billion. This company produces CPO and derivatives. It has a production capacity of 8,6 million tons/year for CPO and 1.1 million tons of processed products per year.
The Brands used by SMART for its cooking oil are Filma and Kunci Mas. Currently Filma and Kunci Mas have a 29% share of the cooking oil market in the country. SMART also markets other cooking oil brands including Mitra, Masku, BissOil (Arab). Its other products include margarine (Filma, Palmboom, Palmvita, Menara, Mitra Spesial, Pusaka), Shortening (Palmvita, Palmvita Gold, Pusaka, Mitra, Menara, Delicio), Specialty Fats (Delicio, Delicoa), Frying Fats (Good Fry) and Frying Fats Butter Oil Substitute (Good Fry Palmboom, Palmvita Gold).
Recently SMART established cooperation with Civic Group from China to open oil palm plantation totaling 100,000 hectares in East Kalimantan. The expansion project is estimated to cost US$ 599 million, with US$ 380 million from China Development Bank and the rest in equity.
In 2010, SMART sets aside Rp 1.6 trillion for capital expenditures to finance cultivation of new plantations and replanting over 4,500 hectares of old plantations.
SMART also plans to expand the capacity of its palm oil processing factories by 200,000 tons a year and the capacity of its palm kernel processing factories by 135,000 tons a year. SMART is in the process of building a refinery in Jakarta with a capacity of 240,000 tons per year. The capacity expansion is to keep pace with the growing production of oil palm fruits to be processed in the coming years.
In 2010, SMART sets CPO sales target at 22.5 million tons and 75% of the production is to be exported. In 2010, world's demand for CPO is forecast to rise and the price would increase with the global economic recovery.
Developers and Real Estates
The property business of the GSM group is under PT. Duta Pertiwi. There are two property subsidiaries already going public PT Duta Pertiwi Tbk. and PT Bumi Serpong Damai Tbk. (BSD (Berkeley Software Distribution) The software distribution facility of the Computer Systems Research Group (CSRG) of the University of California at Berkeley. ).
Currently BSD has a total area of 6,000 hectares, but only 1,500 hectares of them have been used in Bumi Serpong Damai (BSD) , Tangerang. Other real estate units of GSM already developed are BSD Techno Park and Karawang Indah Industrial City. GSM is currently building more self supporting city in Bekasi like BSD. The project called Delta Mas covers a total area of 3,000 hectares. Delta Mas is developed by GSM with a Japanese investor.
GSM also has a hotel networks of Hotel Le Grandeur Jakarta, Le Grandeur Balikpapan, and the building of Hotel Grand Hyatt. Earlier Le Grandeur was operated by Dusit Tan, a hotel management firm from Thailand. Now, however, its is operated by GSM. In Grand Hyatt, GSM is only the owner of the building. The hotel management is under Grand Hyatt. ITC ITC (Brit) n abbr (= Independent Television Commission) → Fernseh-Aufsichtsgremium
ITC n abbr (BRIT) (= Independent Television Commission) → is entirely owned by GSM. Some of the buildings are owned by other investors but the management is by GSM.
GSM also operate 8 office buildings Mal Ambassador Kuningan, ITC Cempaka Mas, Plaza BII BII Bank Internasional Indonesia
BII British Institute of Innkeepers
BII Bioindustry Initiative (US Department of State)
BII Bronco II (Ford truck; predecessor of the Explorer)
BII Basic Issue Item , Wisma BII Jakarta, Wisma BII Medan, Wisma BII Surabaya, and Wisma Eka Jiwa in Mangga Dua. It also has five resort areas Kota Bunga in Puncak, Lombong Siri, Pecatu in Bali, Senggigi in Lombok, and Palm Spring in Batam (totaling 273 hectares).
GSM plans to build a building called Sinarmas Land Building over an area of 2.5 hectares in the BSD City, Tangerang to cost around Rp 100 billion. The 5-storey office building will serve as an integrated office buildings under Sinarmas Developer & Real Estate, including PT BSD Tbk and PT Duta Pertiwi Tbk. It is expected construction of the building will be completed and it will be ready for use in the last quarter of 2011. The land area of BSD Office Park is 25 hectares developed with the concept of environmentally friendly. It is to be the first building to have the green certificate. Green building is a building concept energy, water and electricity efficient using eco friendly materials.
GSM also has property business abroad--an industrial estate and an office building in Beijing, China. In addition, in 2002, GSM already put into operation the Bund Center in Shanghai. Bund Centre includes hotel, office and apartment buildings having 50 floors. GSM also owns the Hotel Sofitel in Malaysia and is building 2 property projects in Singapore.
The financial service business units of GSM operate in multifinance, insurance, banking and securities service industries. Its financial service subsidiaries include Asuransi Sinar Mas, Asuransi Jiwa Sinar Mas, Asuransi Jiwa Mega Life (as a joint venture with Bank Mega) and LIG lig Brit slang
(esp. in the media) a function with free entertainment and refreshments
to attend such a function
ligger Insurance (joint venture with LG Korea). The financial service subsidiaries are under PT. Sinar Mas Multi Artha (SMMA SMMA Styrene Methyl Methacrylate Copolymer
SMMA Simpsons Multimedia Archiv (ULOC, OFF) ), which went public in 1996, now having 14 subsidiaries.
Asuransi Jiwa Sinar Mas as the third largest share of life insurance market in the country after Asuransi Prudential and Manulife. Asuransi Sinar Mas, which is a loss insurance company, is the country's largest in premium income putting behind Jasindo, a state-owned company.
Asuransi Sinar Mas (ASM (1) (Association for Systems Management) An international membership organization based in Cleveland, Ohio. Founded in 1947 and disbanded in 1996, it sponsored conferences in all phases of administrative systems and management. ) is a general insurance company established in 1985 in Jakarta. In 2008, ASM already had 30 branch offices , 49 representative offices and 1 sharia (Islamic insurance) office in Indonesia.
ASM focuses on corporate clients. So far in 2010, ASM already opened 10 more offices of agency branches and plan expansion until it has 80 branch offices until 2015 with agents totaling 20,000 to boost premiums from the retail sector. By April 2010 the number of its agents totaled more than 7,000 with premium valued at Rp 75 billion.
In addition, GSM has a 50% stake in PT. Eka Life (life insurance) valued at Rp 82.5 billion.
In 2005, GSM lost ownership of Bank Internasional Indonesia (BII) when it wrapped up major restructuring of its debts. Previously BII had served as the main financer of the GSM operations. Later, however, GSM took a new step toward banking business by acquiring Bank Shinta, a foreign exchange bank, at a price of Rp 84 billion. The bank had assets valued at 400 billion after it was acquired . In 2007 the name of the bank was changed with Bank Sinarmas. In 2009, its total assets surged to Rp 10 trillion.
Currently Bank Sinarmas, now categorized a medium bank, focused more on private banking and consumer banking. It would not offer corporate credit . Bank Sinarmas has 100 branches in Java, Bali, Lombok, Sumatra, Kalimantan and Sulawesi and will open 25 more branches soon.
According to plan, at the end of 2010, PT Bank Sinarmas will launch Initial Public Offering selling 40% of its shares to the public hoping to raise Rp 500 billion.
Currently the shares of Bank Sinarmas are owned by PT. Sinarmas Multiartha (99%) and PT. Sinarmas Multifinance (1%). In 2009, it reported Rp 88.5 billion in net profit or an increase 122% from Rp 39.73 in the previous year. Previously the bank did more expansion of channeling, but in the future it would seek to provide financing for the purchases of automotive products including showrooms and repair shops.
In 2010, SMMA sets aside Rp 150 billion for capital expenditure to finance expansion including Rp 23.3 billion for Asuransi Sinar Mas, Rp 12.5 billion for office inventory and for the opening of 30 branches of Bank Sinarmas.
SMMA together with Nihon Trim (a health equipment company from Japan) will a joint venture company PT. Super Wahana Techno (SWT SWT - Standard Widget Toolkit ) respectively with stakes of 35.19% and 64.81%. SWT will operate in bottled drinking water drinking water
supply of water available to animals for drinking supplied via nipples, in troughs, dams, ponds and larger natural water sources; an insufficient supply leads to dehydration; it can be the source of infection, e.g. leptospirosis, salmonellosis, or of poisoning, e.g. processing industry with a capacity of 200 ,000 gallons per year.
In 2009, SWT had the capacity to produce 120,000 gallons of drinking water per month using the brand of Pristin. Distribution of the drinking water abroad is by Japan Airlines (JAL JAL Jalisco (Mexican state)
JAL Jalapa (Guatemala territorial division)
JAL Jump And Link
JAL Japan Airlines Company, Ltd. ).
Demands also come from Java, Bali, South Sulawesi, North Sulawesi, Batam, and Padang.
PT. Smart Telecom, established in 2007 is a merger of four telecommunications companies PT Wireless Indonesia (WIN), PT Global Mediacom, PT Inti and PT Mobilindo. Smart Telecom is a CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. (Code Division Multiple Access) based cell phone operator with the technology of Enhanced Visual Data Only (EVDO) Rev.A. The EVDO Rev.A technology has a speed a broad band speed of 1.8 Mbps for upload and download of 3.1 Mbps. For upload, the speed of 1.8 Mbps is categorized as the best in its class while data service in GSM operator is maximum 384 kbps.
Smart Telecom has the license in the frequency of 1900 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. with 5 carriers (channel). With a capacity of 1 carrier 1.25 MHz, the total capacity of Smart plus guard band is 6.875 MHz.
In 2009, Smart developed around 2,200 base transceiver stations (BTS BTS - Bug Tracking System ), after earlier built 1,300 units of BTS in 2008 to improve its networks quality. The construction of additional BTS is in line with the growing number of subscribers from 2.5 million to 5 million in 2009.
In 2010, Smart Telecom will increase the accessibility of its subscribers through broadband, considering the increase in data traffic. Smart is faster than voice.
Smart is set to grab data market in 32 cities with the additional 200 units of BTS in 2010. In 2009, Smart expanded coverage to other cities in Java, Bali, and Nusa Tenggara. Later Smart will target the markets in Manado, Makassar, Padang, and a number of cities in Kalimantan.
Meanwhile, ZTE ZTE Zalaegerszegi Torna Egylet (Hungarian sports club) Corporation from China has been named again as the supplier of equipment of key infrastructure networks. Earlier ZTE was named as the provider of networks for 4 years to develop CDMA all over Indonesia. ZTE built the commercial networks of EV-DO Rev B in Bali early this year. ZTE will send 6000 units of BTS to various areas in Indonesia. The total capacity for the system reaches more than 25 million connections. This project covers the spreading of wireless solution , transmission and network key products , platform of business system and other ZTE equipment
Early 2010, GSM through PT. Gerbangmas Tunggal Sejahtera acquires 19% stake of PT Global Mediacom Tbk (BMTR BMTR Backup Memory Transfer (AT&T) ) in PT Mobile-8 Telecom, a CDMA-based cell phone operator with the brand of Fren. However, the frequencies of the two operators are different. Smart is in 1900 MHz controlling 5 canals and Mobile-8 in 800 MHz controlling 4 canals.
The subscribers of Smart totaled 2.5 million, as against 3.5 subscribers of Fren bringing the total to 6 million subscribers served by 2,000 units of BTS of Smart and 1,700 units of BTS owned by Mobile-8. With cooperation in sales and marketing, the two are set to have 10 million subscribers in 2010.
Currently Smart Telecom has around 100 units of BTS located in 32 large cities in Indonesia This is a list of cities in Indonesia, by major island or region: Java and Bali
Energy and Mining
GSM expanded operation to the mining sector through PT Dian Swastatika Sentosa Tbk which acquired 99.99% stake of PT Gerbangmas Tunggal Sejahtera in PT Bukit Kencana Eka Sakti, a mining company, at a price of Rp 48.8 billion. PT. Dian Swastatika Sentosa succeeded in raising Rp 150 billion from Initial Public Offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) in December 2009.
Meanwhile, Bukit Kencana will sell up to 5 million tons of coal to a number of GSM's business units. GSM will need the coal to generate power plants in its paper factories . Part of the coal output will be exported to countries like China, India, and Korea.
Currently, Bukit Kencana has five subsidiaries operating in coal mining in Kalimantan and Sumatra. They are PT Roundhill Capital Indonesia, PT Kuansing Inti Makmur, PT Wahana Alam Lestari, PT Manggala Alam Lestari, and PT Nusantara Indah Lestari.
GSM in cooperation with Emeritius of JGC JGC Jeep Grand Cherokee
JGC Japan Gasoline Co.
JGC Grand Canyon, Arizona, Heliport (Airport Code) Group from Japan will build a liquefied coal fuel factory in Karawang with an annual production capacity of 10,000 tons. The type of coal to be processed in the factory is low 3,000 calorie coal , which will not sell in international market.
The factory is to start operation in 2011. The liquefied coal will be offered to PLN PLN
In currencies, this is the abbreviation for the Polish Zloty.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. to fuel its power plants. The price of liquefied coal is 40% cheaper than diesel oil, which is still used widely by PLN's power plants.
Earlier, GSM acquired PT. Borneo Indobara from PT Rounchill Capital. PT Borneo Indobara is a producer of liquefied coal having a 30 year coal concession.
Borneo Indobara produced coal in 2006 . In 2007 its coal production reached 1.5 million tons. The production rose to 5 million tons in 2008. This year it is set to produce 7.5 million tons and up to 11 million tons in 2011.
Most of the liquefied coal will be supplied to power plants of GSM's paper and pulp factories. The rest will be exported to various other Asian countries. Currently, GSM has coal concession in Riau, South Sumatra and South Kalimantan developed with total investment of US$ 400 million.
The performance of SMART depends on the condition of palm oil industry in general amid his global crisis. SMART's earning is mainly from exports of its commodities making up 76% of its total income with domestic sales contributing 24%.
SMART reported Rp 14.20 trillion in income in 2009--down from Rp 16.10 trillion in the previous year.
Its net profit shrank 71.53% to Rp 748.5 billion in 2009 from Rp 1.05 trillion in the previous year.
In the first quarter of 2010, SMART posted an improvement in financial performance with income exceeding Rp4 trillion, up 37% from the same period in 2009. The increase in income was attributable mainly to its palm oil price hike and larger sales in volume. The company posted Rp 439 billion in net profit in the first three months of 2010 up sharply from only Rp 7 billion in the same period last year.
Table--1 Summary of financial report of PT. SMART and subsidiaries, 2008 and 2009 (Rp billion) Description 2009 2008 Assets Current assets 4.709.462 4.351.305 Non current assets 5.316.453 5.859.289 Fixed assets -- -- Other assets -- -- Total assets 10.025.915 10.210.594 Liabilities and equity Current liabilities 2.734.319 2.754.439 Non current liabilities 2.513.169 2.505.715 Other liabilities 158.748 150.788 Total liabilities 5.406.236 5.410.942 Equity 4.615.204 4.795.878 Minority interest 4.475 3.774 Total liabilities and equity Profit/Loss 16.101.565 14.201.230 Income 1.046.389 748.495 Source : PT. SMART Tbk