Darya Varia nets profit

JAKARTA (JP): Publicly listed pharmaceutical company PT Darya Varia announced on Monday a net profit of Rp 32.03 billion (about US$44 million) in the year ending in December, compared to a net loss of Rp 135.39 billion a year earlier.

The company attributed the surge in profit to improved sales, steady profit margins and the strengthening of the rupiah against the U.S. dollar.

Strong cash flow generated from operations and a continued focus on cost controls, including receivables and inventory, enabled the company to settle all of its rupiah-denominated bank loans and cut its foreign currency borrowing to $12 million from $14.7 million in 1998. As a result, net interest expenses declined 40 percent to Rp 17.46 billion from Rp 28.99 billion, the company said.(hen)