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Jan. 24 (Bloomberg) -- PT Unilever Indonesia, the unit of the world’s second-biggest consumer-products company, rose the most in 15 months in Jakarta on speculation it will report “good” 2011 earnings, PT Sucorinvest Central Gani said.
Unilever Indonesia gained 6.6 percent to 21,800 rupiah as of 2:28 p.m. local time, set for the steepest increase since Oct. 13, 2010. The stock provided the biggest boost to the Jakarta Composite index, which climbed 0.4 percent. The Indonesian unit advanced 14 percent last year, outperforming the 3.2 gain on the benchmark index.
London- and Rotterdam-based Unilever owns about 85 percent of the Indonesia unit, which sells products from shampoo to ice cream in Southeast Asia’s biggest economy. Private consumption in Indonesia accounted for some 54 percent of the economy in the third quarter, according to the central statistics office, while Bank Indonesia forecast gross domestic product grew last year at the fastest pace since 1996.
“As GDP rises and the middle income class grows so does demand for personal-care products,” Gifar Indra Sakti, an analyst at Sucorinvest Central Gani, said by phone in Jakarta. “Expectation of 2011 earnings results is what’s likely behind Unilever’s gains.”
The company probably posted net income of 4 trillion rupiah ($446 million) last year compared with 3.4 trillion rupiah in 2010, according to the median estimate of 16 analysts in a Bloomberg News survey. Corporate Secretary Sancoyo Antarikso couldn’t be reached when called at his office in Jakarta.
Publicly traded companies have until March 31 to report their audited financial statements.
--Editors: Richard Frost, Ravil Shirodkar
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