JAKARTA (TheInsiderStories) - Indonesia’s largest petrochemical producer PT Chandra Asri Petrochemical Tbk (IDX:TPIA), booked net profit of US$300.1 million in 2016, surged 1,041% from previous year of US$25.3 million, driven by higher sales and improved margin on the back of lower oil price. Its sales reached US$1.93 billion up 405 from previous year.
The higher sales was also driven by an increase of production capacity, in particular its naphtha cracker plant, which expanded by 435. Its gross profit rose 239%, hence its gross margin rose 25.6% from 10.6% previously. The company has announced earlier of its plan to expand its butadiene capacity as well its naphtha cracker plant. (*)