Texmaco Group posts 2.8% profit increase<\/p>\n
JAKARTA (JP): The Texmaco Group of publicly-listed textile and
\ntextile engineering companies reported a combined net profit of
\nRp 108 billion (US$48.5 million) last year, 2.8 percent higher
\nthan 1993's level.<\/p>\n
The Texmaco Group issued a statement on Saturday revealing
\nthat the largest contributor to the group's profits came from the
\nholding company, PT Polysindo Eka Perkasa, with Rp 51.02 billion,
\nfollowed by PT Texmaco Jaya with Rp 37.1 billion and PT Texmaco
\nPerkasa Engineering with Rp 19.88 billion.<\/p>\n
The three companies conducted their annual shareholders
\nmeeting in Karawang, West Java, where their production facilities
\nare located, on Saturday.<\/p>\n
The statement revealed the group would distribute 47.9 percent
\nof last year's net profits, or Rp 51.75 billion, as cash
\ndividends.<\/p>\n
It said the dividend payout ratio was higher than the ratio
\nthe companies pledged during their initial public offerings.<\/p>\n
Marimutu Sinivasan, chairman of the Texmaco Group, said the
\nprofit increase partly resulted from the increase in revenues
\nfrom domestic sales of its new products, including differential
\nshrinkage yarn, thick and thin yarn and crepe effect yarn.<\/p>\n
The group's revenues last year grew by 31.4 percent to Rp 882
\nbillion, of which Polysindo contributed the largest portion with
\nRp 484.88 billion, Texmaco Jaya Rp 314.22 billion and Texmaco
\nPerkasa Rp 83 billion.<\/p>\n
Marimutu said the group's total assets also grew by 42.28
\npercent to Rp 599 billion as of last December over December 1993.<\/p>\n
Polysindo, which claims to be the oldest and the most fully
\nintegrated textile company in Indonesia, floated 12 million
\nshares, which represented 30 percent of the company's total
\nshares, on the Jakarta Stock Exchange (JSX) in March 1991.<\/p>\n
Polysindo's main products include chips, filament yarns and
\nfiber. The company is expanding its production facilities in
\nKarawang to improve its annual production capacity to 180,000
\ntons of polyester staple fiber and 330,000 tons of polyester
\nchips. Its current annual production level is 7,200 tons of
\npolyester staple fiber and 50,400 tons of polyester chips.<\/p>\n
In October 1991, Polysindo acquired Texmaco Jaya, a company
\nengaged in weaving and fabric finishing. Texmaco Jaya followed
\nPolysindo's step of going public by selling 20 million shares or
\n20 percent of its total stocks on JSX last year.<\/p>\n
In April 1992, Polysindo acquired Texmaco Perkasa, a textile
\nmachinery manufacturer. Texmaco Perkasa then floated 84 million
\nshares on JSX last year.<\/p>\n
Texmaco Perkasa, which produces weaving looms, plans to
\ndiversify its business line into the automotive sector by
\nproducing automobile parts within the next two years. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/texmaco-group-posts-28-profit-increase-1447893297",
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