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