BONTANG (Indonesia Today) – PT Pupuk Kalimantan Timur, the largest fertilizer producer in Indonesia, generated net profit of Rp940.99 billion in the first half of 2012, an increase of 33% from the corresponding period of last year.
The state-owned company reported sales revenue of Rp6.2 trillion, representing 36% growth over the first half of 2012. Compound fertilizer reported the strongest growth of almost 75%, while urea grew 37% in the period.
Cost of raw materials and operating expenses also grew substantially in the period, but Pupuk Kaltim managed to book operating profit of Rp1.299 trillion, an increase of 27% from the first half of 2011.
As of June 30, 2012, Pupuk Kaltim, which operates ammonia and urea plants in Bontang, East Kalimantan province, had total assets and equity of Rp10.8 trillion and Rp6.23 trillion.