Alumindo hopes $18m profit

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)