Alumindo hopes $18m profit

SURABAYA (JP): PT Alumindo Light Metal Industry expects a 113 percent increase in net profit to Rp 44 billion (US$17.97 million) this year from Rp 20.6 billion last year.

The company's president Alim Markus said after shareholders meeting here yesterday that the company also projected a 32 percent increase in net sales to Rp 326.3 billion this year from Rp 245.5 billion last year.

He said the high projection was based on the increasing demand for aluminum in the country. He did not give details of the demand growth rate.

Yesterday's shareholders meeting approved the company's plan to distribute dividends of Rp 20 a share.

Alim said the company had set up PT Maspion Stainless Steel Indonesia, a joint venture with three Japanese firms, to produce stainless steel sheets in Indonesia.

The new venture is now building the plant which is expected to start commercial production by the end of this year. (09/nur)