烟草在线据《雅加达邮报》报道编译　　截至今年9月的第三季度，印尼的各个上市卷烟制造商的总收入和利润都比去年同期有小幅增长及高度增长，但本图国际投资公司（RMBA）除外，这家公司的季度亏损额同比增长三倍之多。

　　尽管收入提高了，但大多数卷烟制造商的利润空间都因运营成本上涨而下降。

　　今年第三季度，三宝麟公司（HMSP）的总收入达54.7万亿卢比，比去年同期48.5万亿卢比的总收入增长12.8%。

　　但与去年同期相比，该公司2013年前9个月的利润并未取得增长，因为净收入仅为7.58万亿卢比，即仅比去年第三季度的7.47万亿卢比增长1.4%。

　　印尼资产最大的上市卷烟公司盐仓集团（GGRM），在第三季度的总收入为40万亿卢比，同比小幅增长12.4%。

　　总收入增长的同时，年度净利润也小幅增长7.6%，第三季度的净利润达3.2万亿卢比。

　　另一方面，截至今年9月的第三季度，本图国际公司的亏损额达6611.5亿卢比，比去年同期1525.5亿卢比的亏损额多三倍之多，尽管总收入同比增长了18.06%，从去年同期的7.43万亿卢比增至今年的8.76万亿卢比。

　　上周（10.27-11.2），在印尼证交所（IDX）网站上公布的一份声明中，本图国际公司的公司秘书Jusuf Salman把公司第三季度的亏损额归因于“对支持公司的长期发展非常重要的投资和销售”。

　　在其它烟草公司报告第三季度的业绩出现下滑时，Wismilak国际制造公司（WIIM）——于去年12月在印尼证交所首次上市——的利润却增长了一倍，从去年同期的540.2亿卢比增至今年的1109亿卢比。该公司第三季度的总收入为1.9万亿卢比，比去年同期的7412.1亿卢比增长了60.86%。

　　信托证券分析师Reza Priyambada说，与三宝麟公司和盐仓集团等较大的烟草公司相比，Wismilak的业绩增长是相当显著的。

　　Reza说，卷烟公司在今年第三季度的净利润空间下降实际上是可以预期的，因为这些公司必须承担因烟草消费税上涨而日益增长的成本，以及因天气原因和最低工资调整而快速上涨的烟草价格。

　　印尼政府把2013年的烟草消费税率提高了8.5%。不过，印尼政府取消了明年提高烟草消费税的计划，以减弱各地区把烟草消费税提高10%的影响。

Indonesia: Cigarette Firms See Declining Margins in Q3

　　The country's publicly listed cigarette manufacturers saw modest to high increases in year-on-year revenues and profits up to September, except for PT Bentoel International Investama (RMBA), which recorded up to threefold in losses in its quarterly balance.

　　Despite generating higher income, however, most of the cigarette manufacturers saw declining profit margins due to higher operational costs.

　　PT HM Sampoerna (HMSP) recorded Rp 54.7 trillion in revenue in the third quarter of this year, or up 12.8 percent compared to Rp 48.5 trillion last year.

　　However, the company's profits stayed flat in the first nine months of 2013 compared to the same period last year, as it only booked a net income of Rp 7.58 trillion or up only 1.4 percent up compared to Rp 7.47 trillion in the third quarter last year.

　　The country's biggest publicly listed cigarette company by assets, PT Gudang Garam (GGRM), saw modest year-on-year growth of 12.4 percent in revenue, which reached Rp 40 trillion in the third quarter.

　　The revenue rise was coupled with a slight annual increase of 7.6 percent in net profit, which touched Rp 3.2 trillion in the third quarter.

　　PT Bentoel International, on the other hand, bagged a threefold loss to Rp 661.15 billion up to September this year compared to Rp 152.55 billion in the third quarter of 2012, despite recording a 18.06 increase in revenue from Rp 7.43 trillion last year to Rp 8.76 trillion this year.

　　In a statement posted on the Indonesia Stock Exchange (IDX) website last week, Bentoel International corporate secretary Jusuf Salman attributed the loss to "investments and sales that are significant to supporting the company's long-term growth".

　　While other companies saw slowdowns in their third quarter reports, PT Wismilak Inti Makmur (WIIM) — which debuted on the IDX in December last year — saw its profits double from Rp 54.02 billion last year to Rp 110.9 billion this year. It gained a total of Rp 1.9 trillion in revenues, up 60.86 percent compared to Rp 741.21 billion in the same period last year.

　　Trust Securities analyst Reza Priyambada said Wismilak saw significant increases compared to bigger companies such as Sampoerna and Gudang Garam.

　　Reza said that the cigarette firm's declining net profit margins in the third quarter of this year were indeed predictable, as the company had to bear rising costs due to the tobacco-excise increase, surging prices of tobacco due to weather disturbances and minimum wage adjustments.

　　The government increased the tobacco excise tax by 8.5 percent for 2013. The government, however, cancelled plans to hike the excise tax next year to minimize the effects of a 10 percent tax increase that regions will impose. Enditem