Asia Pulp profit drops<\/p>\n
SINGAPORE (Dow Jones): Singapore-based Asia Pulp & Paper Co.
\n(APP) said Thursday net profit dropped 34 percent to US$142.9
\nmillion for the year ended Dec. 31 from $216.4 million in 1997.<\/p>\n
APP Chief Financial Officer Hendrik Tee said, \"1998 continued
\nto be a difficult year for the global forest products industry
\nwith average prices showing sharp decreases in almost all product
\nsegments.\"<\/p>\n
Compared with 1997, average selling prices for pulp was down
\nby 12 percent, for paper by 16 percent and for packaging products
\nby 6 percent, he said.<\/p>\n
The New York-listed group, which in has headquarters in
\nSingapore and most of its plants in Indonesia, reported 1998
\nsales rose 19 percent to US$2.39 billion, while pretax profit
\nfell 17 percent to US$427.2 million.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asia-pulp-profit-drops-1447893297",
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"sponsor": "Okusi Associates",
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