Firms don't pay dividend

JAKARTA (JP): Publicly-listed firms PT Unggul Indah Corporation (UIC), PT Bank Arya Panduarta and PT Bank Indovest all booked profits last year despite the crisis but decided not to distribute dividends.

UIC, the country's sole producer of chemical alkylbenzene, reported at an annual shareholders meeting yesterday that its net profit dropped to Rp 6.2 billion (about US$442,500) last year from Rp 40.7 billion in 1996.

However, the company decided not to pay dividends and to use the profits to strengthen its financial standing.

Bank Arya booked a net profit of Rp 9.5 billion last year, up from Rp 8.8 billion in 1996, and Bank Indovest recorded a net profit of Rp 12.8 billion last year.

Both banks, however, decided at separate shareholders meetings that they would not pay any dividends from last year's profits.

Meanwhile PT Ricky Putra Globalindo, producer of men's underwear with the brand name GT Man Anti Slip, reported a net loss of Rp 18.5 billion last year and therefore, it could not pay dividends.

Nevertheless, the company has already booked a before-tax profit of Rp 5.4 billion for the first quarter of this year, thanks to its increasing exports. (rid)