Duta Pertiwi pays dividend

JAKARTA (JP): Publicly listed wood glue manufacturer PT Duta Pertiwi Nusantara announced on Wednesday it would pay a dividend of Rp 100 (1.4 cents) per share for the 1998 financial year.

The company president, Siang Hadi Widjaya, said sales rose to Rp 97.59 billion in 1998 from Rp 46.15 billion the previous year, while net profit rose to Rp 33.93 billion from Rp 10.43 billion in the same period.

"We experienced a drop in the volume of sales last year to 35.3 metric tons from 45.3 metric tons in 1997. But we still gained some profit thanks to the strengthening of the U.S. dollar against the rupiah," he said.

The company's wood glue products were sold in dollars to local plywood exporters and foreign plywood manufacturers, he said after the company's shareholders meeting.

He said the company expected lower sales and net profits this year to Rp 70 billion and Rp 25 billion respectively due to the strengthening of the rupiah.

PT Duta Pertiwi has recently expanded business by opening a joint venture coal mining company, PT Intitirta Primasakti, in South Sulawesi, Siang said. He added the subsidiary was currently in the exploration stage. (cst)