Dharmala Agrifood sees drop in profit<\/p>\n
JAKARTA (JP): Publicly listed PT Dharmala Agrifood expects a
\n39 percent decline in net profit this year to Rp 11 billion
\n(US$4.58 million) from Rp 18.2 billion in 1996.<\/p>\n
Natalia Dewi Sari, a director of the company, said yesterday
\nthe projected drop was due to a decline in non-operating income.<\/p>\n
Last year the company's net profit surged 115 percent to Rp
\n18.2 billion from Rp 8.47 billion in 1995. The growth came from
\nthe sale of 49 percent of its shares in its subsidiary PT
\nArtacitra Terpadu Feedmill to San Miguel Foods International Ltd.<\/p>\n
Artacitra, set up in early 1996, produces poultry feed.<\/p>\n
Dharmala now has 51 percent of the poultry company.<\/p>\n
"Of the total net profit in 1996, Rp 15 billion was
\ncontributed by the sale of Artacitra's share to San Miguel,"
\nNatalia said.<\/p>\n
She said Dharmala Agrifood's net sales were projected to
\nincrease by 23 percent to Rp 398 billion this year from Rp 270.6
\nbillion.<\/p>\n
Dewi said Dharmala Agrifood's net sales rose slightly to Rp
\n57.7 billion in the first quarter of 1997 from Rp 53.2 billion in
\nthe corresponding period last year.<\/p>\n
She said in the Jan.-March period net profit rose to Rp 4
\nbillion from Rp 2.6 billion in the same period last year.<\/p>\n
In yesterday's meeting, shareholders approved a proposal to
\nset aside 48.2 percent or Rp 8.77 billion from the 1996's net
\nprofit for dividend.<\/p>\n
"The dividend will be Rp 70 per share," she said.<\/p>\n
Dharmala Agrifood was established in 1971. It produces raw
\nmaterials for animal feed. The firm is currently 61.20 percent
\nowned by PT Dharmala Intiutama, 0.60 percent by Dharmala Mapindo
\nand 38.20 percent by the public.<\/p>\n
The company's share price surged by Rp 25 to close at Rp 1,575
\nyesterday at the Jakarta Stock Exchange on a total volume of
\n66,500 shares. (09)<\/p>",
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