Dynaplast's profit surges

JAKARTA (JP): Publicly listed PT Dynaplast announced on Saturday a consolidated net income of Rp 14.5 billion (about US$1.93 million) in the first half of the year ending on June 30. This is a 49 percent increase over the corresponding period last year.

The plastic crate and components manufacturer said the increase was mainly the result of a jump in domestic consumer demand in the second quarter due to an increase in people's purchasing power.

Sales rose by 45 percent to Rp 87.1 billion in the first six months of the year, up from Rp 13.13 billion in the same period in 1998.

Dynaplast's operational income jumped by 76 percent in the first half of the year to Rp 12.86 billion, compared to Rp 7.31 billion in the same period last year.

Dynaplast predicted its business would continue to grow in the second half of the year, as demand for plastic materials would continue to rise in line with the recovery in most business sectors.

The company said its recent move to buy back about 12.5 million of its shares was the best investment alternative for its shareholders. (01)