Great River's sales drop 34%<\/p>\n
JAKARTA: Publicly listed textile maker PT Great River
\nIndonesia (GRI) reported that the company's total sales fell 34
\npercent to Rp 440.2 billion (US$53.6 million) last year, from Rp
\n665 billion in 2001.<\/p>\n
However, its net profit rose to Rp 925.2 billion last year,
\nfrom a loss of Rp 375.5 billion in the previous year. The huge
\nleap into the black was thanks to \"the success in debt
\nrestructuring\", the company said, without providing details.<\/p>\n
GRI president director Sunjoto Tanudjaja said the decrease in
\nsales was due to the drop in the export volume, mainly to the
\nUnited States, the company's main export market.<\/p>\n
\"In 2002, our exports fell 44 percent to Rp 250.9 million from
\nRp 447.5 million in the previous year. This is the first time we
\nexperience a drop in export volume since 1998,\" he said.<\/p>\n
Speaking at the press conference after the extraordinary
\nshareholders' meeting, Sunjoto said the company would boost its
\nsales in the domestic market this year. -- JP<\/p>\n
;JP;
\nANPAf..r..
\nCorporateBrief-Manulife-StanChart-mutual-fund
\nManulife, StanChart offer mutual fund
\nJP\/14\/Brief<\/p>\n
Manulife, StanChart offer mutual fund<\/p>\n
JAKARTA: PT Manulife Aset Manajemen Indonesia and Standard
\nChartered (StanChart) bank will jointly launch a mutual fund that
\nsome expect could return about 12.5 percent per annum.<\/p>\n
Eighty percent of the fund will be invested in government
\nbonds and 20 percent in other money market instruments.<\/p>\n
\"However, as the interest rate on SBI (Bank Indonesia
\nCertificate) is fluctuating, the 12.5 percent yield is not a
\nguarantee,\" said Manulife's assistant vice president Naresh
\nKrishnan on Wednesday. The yield will be paid monthly.<\/p>\n
He added that the minimum investment was Rp 100 million (about
\nUS$12,000). \"But investors can choose our monthly reinvestment
\noption, which requires investors to pay only Rp 10 million
\ninitially and add the amount until it reaches Rp 100 million,\" he
\nsaid.<\/p>\n
Potential investors can buy the fund without having to pay any
\nsubscription fee. They can also redeem the investment with a
\nredemption fee of 1.25 percent if they do so within the first
\nyear. If they do it after a year, investors do not have to pay
\nany fee. --JP<\/p>\n
;JP;
\nANPAf..r..
\nCorporateBrief-UBS-cut-jobs
\nUBS to cut more jobs
\nJP\/14\/Brief<\/p>\n
UBS to cut more jobs<\/p>\n
ZURICH: Swiss financial giant UBS said on Wednesday it plans to
\ncut around 500 investment banking jobs worldwide in an effort to
\nslash costs.<\/p>\n
Dave Walker, spokesman for Switzerland's largest bank,
\ndeclined to say where the cuts would be made. \"We will reduce the
\nwork force globally by around 3 percent,\" Walker said.<\/p>\n
The bank has reviewed its cost structure and its staffing
\nneeds, and the cuts are aimed at balancing costs versus growth,
\nhe said.<\/p>\n
UBS currently employs around 16,000 people in 30 countries in
\nits investment banking operations. In early trading in Zurich,
\nUBS shares were down 0.7 percent at 75 francs (US$57.55). -- AP<\/p>",
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"sponsor": "Okusi Associates",
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