Gudang Garam's net profit falls<\/p>\n
JAKARTA: Indonesia's largest cigarette producer PT Gudang Garam
\nsaid on Monday its net profit for the first quarter of this year
\nfell 5.6 percent to Rp 483.28 billion from Rp 511.71 billion
\nduring the same period last year.<\/p>\n
The company said its sales for the first three months of this
\nyear were up 24 percent to Rp 5.848 trillion from Rp 4.699
\ntrillion in 2002.<\/p>\n
But the increase in its sales was offset by the higher cost of
\nsales after the government raised the excise tax on cigarettes
\nlate last year.<\/p>\n
The company said its higher cost of sales, which ballooned to
\nRp 4.707 trillion from Rp 3.593 trillion, also reflected the
\nimpact of the government's controversial hikes of fuel prices and
\nelectricity tariffs late last year. -- Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-Telkom-dividens
\nTelkom to put aside dividens
\nJP\/<\/p>\n
Telkom to put aside dividens<\/p>\n
JAKARTA: PT Telekomunikasi Indonesia said on Monday it is
\nproposing shareholders approve putting aside a smaller 30 percent
\nof 2002 net profit for dividends in order to put more money back
\ninto the business.<\/p>\n
Shareholders will hold their annual meeting on May 9.<\/p>\n
Rochiman Sukarno, head of Telkom's investor relations
\ndepartment, said the proposed figure is lower than the 50 percent
\nthat Telkom put aside from its 2001 net profit.<\/p>\n
\"We need funds to develop our businesses,\" he said, without
\noffering details.<\/p>\n
As of Dec 31., Telkom operated around 7.75 million fixed
\ntelephone lines. It plans to develop another 750,000 telephone
\nlines this year, with investment forecast at around Rp 3
\ntrillion.<\/p>\n
The government has a 51.19 percent stake in Telkom, and the
\nrest is owned by the public.<\/p>\n
Telkom owns a 65 percent stake in Indonesia's leading cellular
\ncompany PT Telekomunikasi Selular Indonesia, or Telkomsel, which
\nas of Dec. 31, had around six million subscribers. Singapore
\nTelecommunications Limited, or Singtel, holds a 35 percent stake
\nin Telkomsel. -- Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-Medco-issue-bonds
\nMedco to issue US$200m bonds
\nJP\/<\/p>\n
Medco to issue US$200m bonds<\/p>\n
JAKARTA: Medco Energi Internasional said on Monday it plans to
\nissue US$200 million worth of five-year bonds in May to fund the
\nacquisition of oil fields in Indonesia.<\/p>\n
Medco Chief Executive Hilmi Panigoro said the company will
\nissue another $100 million in five-year bonds to refinance a note
\ncoming due in March 2007.<\/p>\n
\"We plan to issue a total $300 billion in Yankee bond in May
\nto refinance and acquire more oil assets,\" he told reporters.<\/p>\n
The oil company wants to refinance its bonds due 2007 as these
\ncarry covenants that put heavy restrictions on debt levels at its
\nunits, said a source close to the deal. The new bonds will have
\nless heavy restrictions, the source added.<\/p>\n
Medco will launch its international roadshow Monday next week
\nin Singapore, before moving to Hong Kong, London and New York,
\nHilmi said. -- Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-Toyota-plant-Russia
\nToyota to build auto plant in Russia
\nJP\/<\/p>\n
Toyota to build auto plant in Russia<\/p>\n
TOKYO: Japan's top car maker, Toyota, may build an auto-assembly
\nplant in Russia to take advantage of rapidly growing demand
\nthere, a news report said on Monday.<\/p>\n
If the plan goes ahead, the plant could become operational as
\nearly as 2006, the Nikkan Kogyo newspaper reported, without
\nclarifying its sources.<\/p>\n
\"The company started direct sales activities in the nation in
\n2002. A highly probable idea is that it will make a sport-utility
\nvehicle, which has been selling well in the market,\" the daily
\nreported.<\/p>\n
The paper said nothing about expected output volume at the
\nproposed factory.<\/p>\n
The size of the investment will be decided before the end of
\nthis year, the Nikkan Kogyo said.<\/p>\n
\"(Russia's) automobile market is expanding. By establishing a
\nlocal production facility, the company aims to further cultivate
\nthe market,\" the newspaper said.<\/p>\n
Toyota officials could not be reached for immediate comment as
\nthe company is on a break this week for Japan's Golden Week
\nholiday season. -- AFP<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-KL-chipmaker-China
\nKL chipmaker moves to China
\nJP\/<\/p>\n
KL chipmaker moves to China<\/p>\n
KUALA LUMPUR: Malaysia's largest listed chipmaker is expected to
\nshift manufacturing of its lower-end products to China, in a move
\nlikely to be followed by other chipmakers, a report said on
\nMonday.<\/p>\n
Malaysian Pacific Industries Bhd. has recently completed a
\ngroundbreaking ceremony for its plant in Shanghai, expected to be
\noperational in September, an industry source told the New Straits
\nTimes.<\/p>\n
It plans to transfer nine mobile phone integrated circuit
\npackage lines to Shanghai but production of higher-end products
\nwill be continued in Malaysia, the source said.<\/p>\n
It is expected to invest an initial five million dollars in
\nits China operations which will help cut costs by 10 to 15
\npercent, sources said.<\/p>\n
The move is part of a three-year plan to counter rising
\ncompetition from cheaper locations for lower-end products and
\nboost exports, the newspaper said.<\/p>\n
MPI's officials were not immediately available to comment. --
\nAFP<\/p>",
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