Polysindo records 43% increase in revenue<\/p>\n
JAKARTA (JP): Publicly listed PT Polysindo Eka Perkasa,
\nIndonesia's largest polyester producer, announced yesterday
\na 43 percent increase in net sales revenue to Rp 460.6 billion
\n(US$190 million) for the first quarter compared to the same
\nperiod last year.<\/p>\n
The company said its operational income rose by 21 percent to
\nRp 117 billion, generating an 18 percent increase in net income
\nto Rp 52.2 billion in the period under review.<\/p>\n
Polysindo attributed the rapid sales growth to increasing
\nvolume coming on-line as it completed its $645 million expansion
\nprogram.<\/p>\n
"The quarter-over-quarter results are important for a company
\ngrowing as quickly as ours. Our results are in line with what we
\ntold our investors," General Manager of Finance R. Gururajan
\nsaid.<\/p>\n
Gururajan said Polysindo had promised continued quarter-over-
\nquarter earnings growth would come from its expansion program
\nwhich significantly increased its capacity in polymer, polyester
\nfiber and fabrics and generated a new 340,000 ton capacity in
\npurified terephthalic acid manufacturing.<\/p>\n
"The full upside of this expansion will be in 1998," he said.<\/p>\n
Polysindo, the Texmaco group's flagship, is a leading
\nintegrated polyester producer whose products include polymer,
\npolyester chips, staple fiber, filament yarn and finished
\nfabrics.<\/p>\n
Separately, the Texmaco group said its subsidiary, publicly
\nlisted PT Texmaco Perkasa Engineering, posted a 113 percent rise
\nin sales to Rp 115 billion ($47.6 million) for the first quarter.<\/p>\n
Texmaco Perkasa's income from operations rose by 122 percent
\nto Rp 36.3 billion and its net income increased by 93 percent to
\nRp 17.5 billion.<\/p>\n
"Our earnings per share jumped 95 percent to Rp 72 in the
\nfirst quarter," the company said.<\/p>\n
The company attributed its sales and earnings growth to its
\nengineering and fabrication division which completed building a
\nPTA plant for PT Polysindo Eka Perkasa.<\/p>\n
"Indonesia's future lies in developing more of its technology
\nand sourcing capital goods locally rather than relying on
\nimports," said Texmaco Perkasa's president Marimutu Sinivasan.<\/p>\n
Sinivasan added that Texmaco Perkasa had achieved tremendous
\nsuccess delivering a high-tech plant to Polysindo and "we are
\nwell positioned to provide turnkey solutions to other companies
\nin Indonesia and other ASEAN countries".<\/p>\n
He said Texmaco Perkasa had one of the only large factories in
\nSoutheast Asia capable of making the specialty plant equipment
\nneeded for high growth industries such as the chemical, steel,
\ncement and pulp and paper industries.<\/p>\n
Texmaco Perkasa operates four divisions including textile
\nmachinery, heavy engineering and fabrication, machine tools and
\nautomotive components. (vin)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/polysindo-records-43-increase-in-revenue-1447893297",
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