Adhesive producer reports profit increase

Adhesive producer reports profit increase

JAKARTA (JP): PT Duta Pertiwi Nusantara, a producer of
formaldehyde and thermosetting adhesives for wood products,
reported a 47.8 percent increase in its after-tax profit to Rp
6.72 billion (US$3.13 million) last year.

The company's president, Siang Hadi Widjaja, told reporters
after the extraordinary and annual meetings of its shareholders
here yesterday that the significant rise in profits was due to
the increase in Indonesian plywood exports.

According to the Central Bureau of Statistics, the country's
plywood exports increased last year by 2.9 percent in volume to
5.77 million tons over the previous year and by 30.6 percent in
value to US$4.22 billion.

Widjaja said the company's unaudited after-tax profit during
the first six months of this year was estimated at Rp 4 billion,
while its sales reached Rp 17 billion.

He added that the company's total sales last year increased to
Rp 36.57 billion from Rp 24.53 billion in 1992.

The company has a capacity to produce 50,000 tons of
formaldehyde glue and 75,000 tons of urea formaldehyde, phenol
formaldehyde and melamine formaldehyde adhesives per annum.

Widjaja said the company's shareholders approved its
management's proposal to pay a cash dividend of Rp 75 per share
from the 1993 profits. In 1992, the company paid a cash dividend
of Rp 200 per share.

Calculated from the company's profits, its earning per share
increased to Rp 267.10 last year from Rp 139.29 in 1992.

Widjaja said that for anticipation of the brighter market in
the future, the company has recently set up a joint venture with
Taiwan's Chang Chun Plastics Co. Ltd. to produce urea compound,
melamine compound and dry and wet paper in Bekasi, West Java.

"The new venture is 25 percent owned by Duta Pertiwi
Nusantara," Hadi Widjaja said, adding that the venture has a
paid-up capital of $6 million. (fhp)