Distributor Tigaraksa reports lower profit<\/p>\n
JAKARTA (JP): Publicly listed consumer and household goods
\ndistributor PT Tigaraksa Satria reported on Thursday an 85
\npercent drop in its 1999 net profit to Rp 30.4 billion (US$3.8
\nmillion) from Rp 204 billion ($25.5 million) in 1998.<\/p>\n
The 1998 net profit however included income of Rp 194.5
\nbillion ($24.3 million) from the sales of Tigaraksa's shares in
\nformulated milk company PT Sari Husada.<\/p>\n
Excluding the share sales, 1998's net profit would have been
\nRp 9.4 billion, the company said in its annual report.<\/p>\n
Tigaraksa sold its shares in Sari Husada two years ago to
\ncover its $43 million foreign debt and working capital loans of
\nRp 31 billion.<\/p>\n
Tigaraksa's annual shareholders meeting on Thursday agreed on
\na final dividend of Rp 300 per share, which was already paid in
\nthe interim in two installments.<\/p>\n
The dividend payment represents 86 percent of the net profit.<\/p>\n
The company's shares on the Jakarta Stock Exchange closed at
\nRp 3,400 on Thursday.<\/p>\n
Total consolidated company sales rose to Rp 921.5 billion
\n($115.2 million) in 1999 from Rp 730.3 billion in 1998 due to
\nhigher sales volume, selling prices and product variety.<\/p>\n
The company was entrusted last year to distribute products of
\nformulated milk producer PT Nutricia Indonesia Sejahtera and jam
\nproducer PT Pido, which helped contribute to the company's sales.<\/p>\n
Other brand names handled by the company include milk products
\nfrom Sari Husada and Wyeth Ayerst, CIP canned foods, Knorr
\nproducts, Mazola cooking oil and Skippy & Bestfood products. The
\ncompany also distributes 3M products and is involved in direct
\nselling of educational products.<\/p>\n
Tigaraksa director of finance Fauzy said the company expected
\n20 percent higher sales and net income for this year.<\/p>\n
Fauzy said sales in the first four months of 2000 reached Rp
\n300 billion ($37.5 million).<\/p>\n
Beginning last month, Tigaraksa began distribution of \"2 Tang\"
\ntea and teabags for PT Duta Serpack Inti.<\/p>\n
Fauzy said the company also planned to acquire a company in
\nthe consumer and household goods sector this year as part of its
\nexpansion program.<\/p>\n
Without saying the name of the company or the amount that it
\nwould have to invest, he said Tigaraksa would not need to issue
\nrights shares to acquire the company.<\/p>\n
Tigaraksa Satria was founded in 1987 as a subsidiary of PT
\nTigaraksa. It holds majority stakes in PT Tira Fashion
\n(production, marketing and distributing of garments), PT Dunia
\nIlmu Satria Linguaphone (education material distributor), PT Tira
\nSatria Properti (warehouse facility and distribution center) and
\nPT Inti Karya Agrosatria (mushroom and babycorn processing). (10)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/distributor-tigaraksa-reports-lower-profit-1447893297",
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"sponsor": "Okusi Associates",
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