Astra posts sharp rise in net profit

Astra posts sharp rise in net profit

JAKARTA: Indonesian auto firm Astra International announced on
Friday its net profit more than tripled last year to Rp 3.64
trillion (US$408.5 million), partly due to foreign exchange gains
on its dollar debt.

The figure compares with a restated net profit of Rp 844
billion for 2001.

The company reported forex gains of Rp 940 billion in 2002, a
reversal from forex losses of Rp 857 billion the previous year.

It said sales increased to Rp 30.27 trillion in 2002 from the
restated Rp 29.24 trillion in 2001 while operating profit rose to
Rp 2.88 trillion from Rp 2.68 trillion.

The results were in line with the forecasts of analysts, who
said the relatively flat operating profit growth reflected flat
car sales.

The Indonesian Automotive Industries Association says Astra
International vehicle sales declined to 176,752 last year
compared with 177,189 the previous year.

Domestic sales declined to 135,773 from 138,192 a year
earlier. -- AFP

;AFP;
ANPAf..r..
CorporateBrief-AdhiKarya-bonds
Adhi Karya to issue Rp 200b in bonds
JP/14/

Adhi Karya to issue Rp 200b in bonds

JAKARTA: Indonesia's state-owned construction company PT Adhi
Karya will issue around Rp 200 billion in bonds in the second
quarter of the year to partly refinance maturing debts and raise
cash for working capital, a banker involved in the plan said
Friday.

The company has appointed PT Danareksa Sekuritas as lead
underwriter for the issue, Wazhari Wardaya, Danareksa's president
director, said.

The company hasn't set a detailed timetable for the bond issue
yet, he said.

A slew of local companies are rushing to tap the domestic bond
market currently amid falling interest rates. Over Rp 7 trillion
in new corporate bonds is expected to be issued this year. -- Dow
Jones

;AFP;
ANPAf..r..
CorporateBrief-Hopewell-TanjungJati-Sumitomo
Tanjung Jati B sold to Sumitomo
JP/14/

Tanjung Jati B sold to Sumitomo

HONG KONG: Hopewell Holdings Ltd. said on Friday it sold its
stalled Indonesian power project to Japan's Sumitomo Corp. for
US$306.2 million.

Hopewell, a Hong Kong-based infrastructure company, owns 80
percent of the 1,200-Megawatt Tanjung Jati B project in Java, and
Indonesia's PT Impa Energi owns the rest.

Hopewell will receive about $215 million of the sale price, PT
Impa Energi will get about $53 million, and $38 million will be
used to pay outstanding contractors' bills for the project.

Hopewell will apply its share of the sale proceeds to general
working capital but "will consider seeking other investment
opportunities," the company said in a legal notice.

The Tanjung Jati project began in 1997 with Hopewell as
developer and Sumitomo as constructor, according to Global Power
report.

Hopewell made a HK$4.82 billion provision in 1998 for
investments in the Tanjung Jati B Power Station after the Asian
financial crisis forced Indonesia to pull the plug on the
project.

The company's Friday statement said Hopewell has no intention
to participate in Indonesian power projects after the Tanjung
Jati sale. -- Dow Jones

;AFP;
ANPAf..r..
CorporateBrief-GudangGaram-flat-profit
Gudang Garam reports flat net profit
JP/14/

Gudang Garam reports flat net profit

JAKARTA: Indonesia's largest clove cigarette maker Gudang Garam
on Friday announced a virtually flat net profit of Rp 2.09
trillion (US$234 million) for last year due to a rise in taxes.

It said pretax profit increased to Rp 3.01 trillion from Rp
2.98 trillion, while taxes rose to Rp 895 billion from Rp 874
billion.

The company booked an operating profit of Rp 3.46 trillion
compared to Rp 3.39 trillion previously.

Sales were up at Rp 20.94 trillion in 2002 from Rp 17.97
trillion a year earlier, mainly due to price increases.

According to the Association of Clove Cigarette Producers,
industry-wide production dropped to 177.05 billion cigarettes in
2002 from 199.65 billion a year earlier.

It said Gudang Garam's output declined to 60.21 billion
cigarettes from 67.40 billion.

Gudang Garam maintained its leading position, with market
share increasing slightly to 34 percent in 2002 compared to
Sampoerna's 22 percent. -- AFP