Ekadharma's profits down

JAKARTA (JP): Publicly listed PT Ekadharma Tape Industries said yesterday that its shareholders have endorsed a Rp 50 (2.1 U.S. cents) dividend.

Ekadharma's president, Judi Widjaja, said after an annual shareholders' meeting yesterday that two new directors -- Bejo Santoso and Jeffry T. -- have been appointed to replace a director who recently resigned and to fill a new position of operational director.

Widjaja said Ekadharma's annual net sales had risen 48 percent to Rp 36 billion in 1995, but its net profit had fallen by 4 percent to Rp 1.3 billion.

Last year's net profits were well down on 1993's and 1992's figures of Rp 3 billion and Rp 3.4 billion respectively.

Widjaja blamed declining profits on sharp increases in the cost of raw materials. (alo)