JAKARTA: PT Tiga Pilar Sejahtera Food Tbk, a Jakarta-based food company, doubled its net income to IDR75.86 billion last year, boosted by the increasing sales. The company booked 32.26% sales jump to IDR705.22 billion.Meanwhile, the operating income rose 23.15% to IDR126.39 billion. The net profit margin reached 10.76% and the operating margin was 17.92%.At the end of December 2010, the company has cash reserve of IDR15.43 billion or decreased 28.32% compared than the same period in 2009. The assets rose 23.46% to IDR1.94 trillion and the debt increased 39.66% to IDR305.62 billion.The company acquired 12,000 hectare of oil palm plantations in Sumatera last year. The company also targets to enhance its rice business by acquiring a rice mill, PT Jatisari Srirejeki. This corporate action costs IDR1.1 trillion, funded by bank loan and convertible bond.An analyst of PT Pemeringkat Efek Indonesia Achmad Sujatmiko, in a research published on January 27, 2011, expected the company to book 191.40% sales jump this year to IDR2.05 trillion, due to the prospect of rice business.Rice consumption in the country that has the largest population in Southeast Asia continues to grow. The rice spending rose by 3.12% to IDR38,122 as of 2009 from IDR35,874 in 2007.The shares of Tiga Pilar was traded up 1.45% to IDR700 at Jakarta Composite Index as of 11.18 a.m. in Jakarta, a reversal to one week decline. (NOM)
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