Barito profits down by 52%

JAKARTA (JP): PT Barito Pacific Timber said its net income for the whole of last year was only Rp 70 billion (US$29 million), representing a drop of 52 percent from 1994's total of Rp 147 billion.

"Last year proved to be a very difficult year for the plywood industry in general, despite an unbalanced recovery in prices. Lower net revenues and the higher costs of goods contributed to the decline," the company said in a statement.

Barito's net sales dropped from Rp 861.9 billion in 1994 to Rp 817.8 billion last year while the cost of goods sold increased from Rp 659 billion to Rp 694 billion.

The company's net income per share also dropped from Rp 105 in 1994 to only Rp 50 last year. (08)