JAKARTA: PT Davomas Abadi Tbk, the largest producer and exporter of cocoa butter and cocoa powder, booked revenue in first-quarter more than doubled from last year to IDR347.36 billion.
PT Davomas' earnings before interest, tax, depreciation and amortization soared five times to IDR92.94 billion in first quarter this year.According to a public expose material PT Davomas submitted to Indonesia Stock Exchange today, the company said the recovery of global economy helped to boost demand for chocolate products.In contrast, its operating income swung to IDR8.92 billion from a first-quarter loss of IDR62.55 billion a year ago. Meanwhile, its operating profit margin reached 2.57%.The company posted IDR15.88 billion in net profit, reversed IDR3.77 billion of its loss in first quarter last year.Most of shares of Davomas Abadi would be acquired by PT Uniflora Prima. The takeover is delayed due to Uniflora inability to raise financing in the global debt market because of unfavorable situation. Uniflora aims to seek debt to finance Davomas takeover.The DAVO-coded stock was unchanged at IDR77 at the Jakarta Stock Exchange today. (msw)
