Sumalindo more than doubles net profits<\/p>\n
JAKARTA (JP): PT Sumalindo Lestari Jaya, the timber unit of
\nthe Astra group, more than doubled its net profits to Rp 36.09
\nbillion (US$16.75 million) last year and increased its earnings
\nper share by 98.5 percent to Rp 687, the company reported at its
\nshareholders meeting yesterday.<\/p>\n
PT Sumalindo Lestari Jaya, which listed shares on the Jakarta
\nstock exchange last March gained the profits from total sales of
\nRp 267.17 billion, up from Rp 185.2 billion in 1982.<\/p>\n
The company attributed the higher profits to a marked rise in
\ninternational plywood prices and higher production.<\/p>\n
Plywood production rose from 206,000 cubic meters in 1992 to
\n230,000 cubic meters in 1993.<\/p>\n
The company reported that the license of one of its forest
\nconcessions had been extended by the government to the year 2010,
\nthereby securing log supplies to its plywood mill.<\/p>\n
Sumalindo also briefed its shareholders on its preparations
\nfor the building of three medium-density fiber plants, each with
\na designed capacity of 100,000 cubic meters in East Kalimantan.<\/p>\n
One of the plant projects will come on stream in 1996, to be
\nfollowed by the other two in 1997 and 1999.<\/p>\n
Hotel<\/p>\n
Meanwhile Hotel Prapatan, another company listed on the JSX
\nand Surabaya stock exchanges, reported a net profit of Rp 7.5
\nbillion, up from Rp 6.3 billion in 1992.<\/p>\n
The corporate secretary of PT Hotel Prapatan, Shadik Wahono,
\ntold a press conference after the annual shareholders meeting
\nthat the company will distribute a cash dividend of Rp 50 per
\nshare or a total of Rp 2.48 billion ($1.15 million) in July.<\/p>\n
Shadik said a portion of the company's profit will be used to
\nbuild a hotel in Pekanbaru, Riau and a residential estate in Mega
\nMendung, about 70 kilometers south of here.<\/p>\n
He said the construction of the hotel with 150 rooms will cost
\naround $11 million.<\/p>\n
PT Hotel Prapatan is the holding company for the Aryaduta
\nJakarta hotel and PT Shimatama Graha, a chain of three
\nrestaurants in Jakarta and Surabaya.<\/p>\n
The Aryaduta Jakarta previously operated under the Hyatt name.<\/p>\n
\"But we are still under the Hyatt's management since we still
\npay a management fee to them,\" Shadik said. (02)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sumalindo-more-than-doubles-net-profits-1447893297",
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