Samko Timber reported a net loss of Rp227 billion ($16.8 million) in 9M 2016 as compared to Rp272 billion ($20 million) in 9M 2015. The losses for 2016 came mainly from lower sales volume and lower selling prices achieved, higher unit production costs as production volume declined, increased in raw material costs, higher interest expense and one off tax assets written off arising from reorganisation of operations, offseted by net fair value gain of available for sale investment in PT SLJ Global Tbk.
Samko Timber reported a net loss of Rp104 billion ($7.7 million) in 3Q 2016. Save for savings in general and administrating expenses and lower interest expenses in 3Q 2016, the performance was affected mainly by the same factors as mentioned above.
Sales decreased by 5% to Rp2,348 billion ($173 million), amid a slowdown in export sales over the 9 month period. The domestic sales volume and price remained largely flat for the same period ended.
Gross profit decreased by 51% and 50% in 3Q and 9M 2016 respectively. This was mainly due to higher unit production costs as production volume declined, increased in raw material costs and lower sales achieved.
Samko Timber Limited is a leading processed timber products company in Indonesia.
