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AKR posts 64 percent increase in consolidated profit
Fuel distributor AKR Corporindo posted Rp 295
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F
uel distributor AKR Corporindo posted Rp 295.2 billion (US$22.8 million) in consolidated profit in the first quarter of 2015, up 64 percent from the same period last year, an executive said on Tuesday.
Sales and revenue for the three months ending March 31 were Rp 4.80 trillion, a 15 percent decline from Rp 5.63 trillion during the same period last year.
'Overall we had many positives and a record first quarter in 2015; our emphasis on cost management, operational execution and cash flow helped us to deliver a larger profit during the first quarter 2015,' said AKRA president director Haryanto Adikoeosoemo.
Haryanto said that the dramatic decline in the price of oil since the fourth quarter of 2014 was the most significant reason for the year-on-year (yoy) decline in the company's sales and revenues.
The average selling price of petroleum sold by the company declined by 35% yoy, 'but we continued to focus on delivering volume growth and maintaining our market share. Volumes of petroleum sold to the mining, industrial and general market sectors improved during the quarter,' he said in a press release.(+++)
