JAKARTA, March 30 (Reuters) - Gudang Garam , Indonesia’s No.2 cigarette maker, on Wednesday said its fourth-quarter 2010 net profit rose 17 percent, driven by higher sales in Southeast Asia’s largest economy.
The firm’s fourth quarter net profit was 1.15 trillion rupiah, compared with 980 billion rupiah in the same period a year earlier, Reuters calculations showed based on published full-year and nine month results.
Gudang Garam, which is looking to expand into aviation, reported a full year 2010 net profit of 4.15 trillion rupiah, slightly below analyst expectations. It compared with a net profit of 3.46 trillion rupiah in the year-ago period.
Analysts had forecast full-year 2010 net profit up 21 percent to 4.19 trillion rupiah, according to Thomson Reuters’ Starmine Estimate.
Gudang Garam’s 2010 full-year net revenue rose 14 percent to 37.7 trillion rupiah, from 32.97 trillion rupiah a year earlier.
The cigarette maker’s shares were up 0.6 percent on Wednesday before the results, and has gained 4.8 percent so far this year.
The shares surged 86 percent in 2010, outperforming the 46 percent rally in the Jakarta index . (Reporting by Janeman Latul; Editing by Neil Chatterjee)