Argo Pantes posts $2.5m net profit

Argo Pantes posts $2.5m net profit

JAKARTA (JP): Publicly listed textile company PT Argo Pantes
reported a Rp 6.2 billion (US$2.56 million) net profit yesterday
for this year's first quarter, up 40 percent on the same period
last year.

The company's financial director, Wira Tjendana, said the
company's total sales were worth Rp 106 billion, 66 percent of
which were generated by exports.

"We are optimistic we will be able to achieve our profit and
sales targets this year because the international market for
textiles and textile products is picking up," Wira said.

He said the textile market was usually weak in the first
quarter.

"But we booked a 15 percent increase in our sales in the first
three months", Wira said.

The company aims to post a Rp 30 billion net profit this year,
up from Rp 16.3 billion last year, and total sales of Rp 500
billion, up from Rp 449 billion.

Last year Wira said the company's profitability decreased
because of the US$35 million restructuring of its main plant in
Tangerang, West Java, and an 16 percent rise in cotton prices.

The restructuring replaced 436 shuttle looms with 98 air-jet
looms and installed one line of modern dyeing and finishing
machines.

"Our dyeing and finishing capacity will increase by 30 percent
this year," Wira added. (rid)