Sampoerna reports earnings<\/p>\n
JAKARTA (JP): PT HM Sampoerna, a Surabaya-based cigarette
\nmanufacturer listed on the Jakarta and Surabaya stock exchanges,
\nhas announced consolidated earnings of Rp 299 (12.87 U.S. cents)
\nper share from its operation in the first quarter of this year.<\/p>\n
The company's spokeswoman, Lita P. Soenardi, said here
\nSaturday that the company's net earnings in the full year of 1993
\nreached Rp 586 per share.<\/p>\n
She said the company's operating income for the quarter was Rp
\n85 billion (US$39.44 million), as compared to last year's
\noperating income of Rp 187 billion, and its net sales for the
\nquarter reached Rp 267 billion, as compared to last year's net
\nsales of Rp 886 billion ($411.14 million).<\/p>\n
Lita said the company will hold an annual meeting of
\nshareholders in Surabaya on June 18, in which its management will
\npropose the issuance of three bonus shares for every two existing
\nshares. (02)<\/p>\n
Firms to get awards<\/p>\n
JAKARTA (JP): Two business groups will present awards of
\nexcellence here Wednesday to Indonesian and Canadian companies
\nwhich have played distinguished roles in promoting trade,
\ninvestment and specialized service ties between the two
\ncountries.<\/p>\n
The Canadian embassy announced over the weekend that the
\nIndonesia-Canada Business Council and the Canadian Business
\nAssociation, in cooperation with the embassy, will present the
\nawards in a ceremony at the Jakarta Hilton Hotel.<\/p>\n
The ceremony will be attended by Coordinating Minister for
\nIndustry and Trade Hartarto and Canadian Ambassador Lawrence T.
\nDickenson.<\/p>\n
The awards -- for business excellence in merchandise trade, in
\nthe provision of specialized services and in direct investment,
\njoint venture and\/or transfer of technology -- are intended to
\nrecognize the contribution of firms located in Indonesia and
\ntheir Canadian associates to the expansion of bilateral economic
\nrelations.<\/p>\n
The two-way trade between Indonesia and Canada, which are
\ncurrently celebrating 40 years of the establishment of resident
\ndiplomatic missions, has grown by over 10 percent per annum and
\nis expected to exceed C$1 billion in 1994. The trade is almost in
\nbalance, with exports and imports by Indonesia totaling
\napproximately $500 million each. (02)<\/p>\n
S. Korean economy jumps<\/p>\n
SEOUL (AFP): The South Korean economy grew 8.8 percent in the
\nthree months up to March, the biggest quarterly gain since 1991,
\nthe central Bank of Korea (BOK) said Saturday.<\/p>\n
The bank said the gross national product (GNP) growth rate,
\ncalculated on a year-to-year basis, was the highest since the
\n10.7 percent figure in the second quarter of 1991.<\/p>\n
The robust growth, which outstripped expectations, was fueled
\nby a surge in facility investment and a sharp increase in
\nexports.<\/p>\n
Facility investment shot up 20.2 percent, the highest in six
\nyears. Exports grew 8.9 percent, thanks mainly to the stronger
\nyen that made Korean products cheaper in overseas markets, and to
\nthe economic recovery in developed countries.<\/p>\n
BOK director Kim Myong-Ho told journalists he foresaw the
\ngrowth trend continuing for the rest of the year, adding that the
\neconomy was expected to grow seven percent for the whole year.
\nThe BOK earlier predicted a 6.3 percent growth.<\/p>\n
IMF loans for Algeria<\/p>\n
WASHINGTON (Reuter): The International Monetary Fund has
\napproved roughly US$1.04 billion in loans for Algeria to help
\nrevive the country's economy and reduce its 25 percent
\nunemployment rate.<\/p>\n
The financial assistance will consist of a $648 million one-
\nyear, standby loan to back up Algeria's reform program and a $389
\nmillion credit to make up for a shortfall in export earnings and
\nincreased cereal import costs.<\/p>\n
\"Algeria's program for 1994-95, supported by the standby
\ncredit, is the first step in a medium-term economic
\nliberalization and reform process,\" the IMF said.<\/p>\n
The program aims to bring down inflation by rapidly bringing
\nthe government budget back to better balance and to open up the
\neconomy through price and trade liberalization.<\/p>\n
Buffeted by declining oil export revenues and a campaign by
\nIslamic militants to overthrow the army-backed government,
\nAlgeria has fallen on hard economic times and has failed to keep
\nup on debt payments to foreign creditors.<\/p>\n
Russian grain harvest down<\/p>\n
MOSCOW (Reuter): Russia's 1994 grain harvest could fall to 80
\nmillion tons from 99 million last year, the head of the state
\ngrain purchasing agency Roskhleboprodukt said.<\/p>\n
Leonid Cheshinsky told the State Duma, the lower chamber of
\nparliament, that Russia's annual domestic grain requirements were
\n120-130 million tons.<\/p>\n
\"I believe we will be short of grain this year. We have no
\ncredits from grain exporters and we have no money of our own to
\nimport grain,\" he said.<\/p>\n
Russian officials have said grain imports will be reduced to a
\nbare minimum this year. Imports dropped last year to about 11
\nmillion tons from 26 million in 1992.<\/p>\n
\"It is a pity that we are not buying it because we are
\nconsuming our reserves and there has still been no decision on
\ngrain imports,\" Cheshinsky said.<\/p>\n
Earlier this month, Cheshinsky headed a senior grain trade
\ndelegation to the United States which discussed purchases of two
\nto three million tons of U.S. wheat. But bids to purchase 400,000
\ntons of wheat were rejected as too low.<\/p>\n
Pakistan forex reserve<\/p>\n
KARACHI (AFP): Pakistan's foreign exchange reserves have
\nexceeded US$2 billion for the first time since 1985, the deputy
\ngovernor of the central State Bank of Pakistan (SBP) said here
\nSaturday.<\/p>\n
Fresh deposits of more than US$70 million into private foreign
\nexchange currency accounts were reported this month increasing
\nthe liquid reserves at the disposal of the SBP, he said.<\/p>\n
Exports, remittances, foreign exchange accounts and foreign
\naid constitute a major portion of foreign exchange reserves in
\nthe country.<\/p>\n
The SBP official said he hoped that the reserves would further
\nrise with the improvement of the investment climate in Pakistan.<\/p>\n
The increase in forex reserves can also be attributed to a
\ndecline in the country's imports, another SBP official said.<\/p>\n
Loans to Palestine delayed<\/p>\n
WASHINGTON (AFP): Loans to the West Bank and Gaza Strip
\npromised by the international community to support a 1993
\nautonomy accord have not been disbursed because of the area's
\ninadequate financial structure, said a World Bank source.<\/p>\n
The bank said Thursday that it had approved a US$128-million
\nloan from a trust fund it is coordinating for Gaza to run schools
\nand roads and provide water and electricity.<\/p>\n
The loan, financed by Saudi Arabia, the Arab Fund, Kuwait and
\nothers, is the first in a series that should eventually total $2
\nbillion to rebuild the region returned to Palestinian
\nadministration after the Israelis pulled out. The bank announced
\nFriday that its share would be $30 million.<\/p>\n
But while allocating the loans has been easy identifying
\nfinancial organizations capable of efficiently absorbing that
\nmuch money has been difficult.<\/p>\n
\"Reality takes more time than wishes,\" said Ram Chopra, World
\nBank Middle East Director, as he described delays in disbursing
\nloans pledged in September 1993 to support the Middle East peace
\nprocess.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sampoerna-reports-earnings-1447899208",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}