Dharmala Agrifood sees drop in profit

Dharmala Agrifood sees drop in profit

JAKARTA (JP): Publicly listed PT Dharmala Agrifood expects a
39 percent decline in net profit this year to Rp 11 billion
(US$4.58 million) from Rp 18.2 billion in 1996.

Natalia Dewi Sari, a director of the company, said yesterday
the projected drop was due to a decline in non-operating income.

Last year the company's net profit surged 115 percent to Rp
18.2 billion from Rp 8.47 billion in 1995. The growth came from
the sale of 49 percent of its shares in its subsidiary PT
Artacitra Terpadu Feedmill to San Miguel Foods International Ltd.

Artacitra, set up in early 1996, produces poultry feed.

Dharmala now has 51 percent of the poultry company.

"Of the total net profit in 1996, Rp 15 billion was
contributed by the sale of Artacitra's share to San Miguel,"
Natalia said.

She said Dharmala Agrifood's net sales were projected to
increase by 23 percent to Rp 398 billion this year from Rp 270.6
billion.

Dewi said Dharmala Agrifood's net sales rose slightly to Rp
57.7 billion in the first quarter of 1997 from Rp 53.2 billion in
the corresponding period last year.

She said in the Jan.-March period net profit rose to Rp 4
billion from Rp 2.6 billion in the same period last year.

In yesterday's meeting, shareholders approved a proposal to
set aside 48.2 percent or Rp 8.77 billion from the 1996's net
profit for dividend.

"The dividend will be Rp 70 per share," she said.

Dharmala Agrifood was established in 1971. It produces raw
materials for animal feed. The firm is currently 61.20 percent
owned by PT Dharmala Intiutama, 0.60 percent by Dharmala Mapindo
and 38.20 percent by the public.

The company's share price surged by Rp 25 to close at Rp 1,575
yesterday at the Jakarta Stock Exchange on a total volume of
66,500 shares. (09)