Dharmala's profit up

Dharmala's profit up

MANILA (AFP): The Philippine affiliate of the Dharmala Group of Indonesia posted a 44-percent increase in net income for the first three quarters of 1994, documents obtained here yesterday said.

Dharmala Philippines Inc. saw its net income in the first nine months of this year rise to 38.269 million pesos (US$1.47 million), up from 26.573 million pesos in the same period last year.

The company's net sales were listed at 193.75 million pesos in the first three-quarters of this year, down 21 percent from the same period last year.

The company attributed this to the spin-off of trading operations to a wholly-owned subsidiary in July. It did not identify the subsidiary.