Indonesia's 10 biggest public companies post profit growth of 39% in H1

• Source: Xinhua
• [15:05 July 30 2009]
• Comments

Profit of Indonesia's 10 biggest public companies grew 39 percent in the first half compared with the same period last year, the business daily Bisnis Indonesia reported on Thursday.

The profit increase was reflected in their shares that have been jumping 94.89 percent on average so far this year.

The profit growth of five non-bank public companies was triggered by improving product prices and stable consumers' purchasing power.

According to shares price on Wednesday's market closing, total market capitalization of the 10 public companies stood at 394.92 trillion rupiah (about $39.49 billion) or 22.54 percent of total capitalization in Indonesian capital market of 1,751.77 trillion rupiah ($175.107 billion).

Supriyadi, a market analyst in PT Asia Kapitalindo Securities Tbk said that the positive performance confirmed facts that the global financial crisis impact has been receding during this year. It was also in line with investors' expectation.

    "The economic recovery had started early this year and possibly run faster approaching the year's end," he told the daily.

    Of the 10 public companies, PT Bank Negara Indonesia Tbk posted the biggest profit jump of 176.06 percent.