JAKARTA: Processed food producer, PT Tiga Pilar Sejahtera Food Tbk, claimed to book net sales of IDR150 billion or 17.54% of total revenue during last year. The figure was out of 2010 financial statement due to accounting problem.Thus, rice contribution will be written down in financial statement of the end of March 31, 2011, which has not been published yet. Total revenue of the company in 1Q/2011 was IDR400 billion, of which IDR300 billion was derived from food sales.Tiga Pillar Financial Director Sjambiri Lioe said that if the contribution of new business line was added to the figure, then the companys net sales during 2010 would be IDR855.21 billion or increased by 60% from last year position.Actually, the company posted IDR705 billion sales since there was an addition from new business line. However, due to legal, accounting and others, the revenue can not be consolidated into the financial statement, he said, yesterday.Tiga Pilars financial statement at the end of December 31, 2010 released yesterday said that the net sales was IDR705.21 billion or up 32.26% from the position in 2009. About 70% of sales was contributed by food sales.From the rising sales, the companys net income increased to IDR78.85 billion from 2009 IDR37.78 billion. The companys operating income also rose to IDR126.38 billion from the previous year at IDR102.62 billion.The sales has boosted the companys assets to IDR1.96 trillion from previously IDR1.56 trillion. On the other hand, long-term debts more than doubled to IDR101.50 billion from IDR45.78 billion, while short-term debts were also up to IDR305.62 billion from IDR218.83 billion.Tiga Pilar has three main businesses namely the food, rice, and plantation. Its famous food products are Yumi and Ayam 2 Telor, biscuits such as Pio Wafers, and Gulas candy (Gulas).Last year, the company entered into the rice business by acquiring PT Jatisari Srirejeki, a rice mill owned by relative of the Wilmar Group.The Company also acquired a farm owned by Wilmar Group, namely PT Jatim Jaya Perkasa. The two corporate actions took up IDR1.1 trillion.Jatisari is one of the rice mills that has a wide market network, especially at modern markets. From about 60 rice brands available at modern markets, 20 or about 60% of them are Jatisaris products.This year, the company projects to scoop a net income of above IDR100 billion with the high contribution of its rice and plantation businesses that begin to develop after the company completed the acquisition. (T03/NOM)
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