Fishing company reports 154% rise in profit

JAKARTA (JP): PT Daya Guna Samudera Tbk, a publicly-listed integrated fishing company, yesterday announced a 154 percent increase in its after-tax profit to Rp 116.36 billion (US$48.2 million) last year from Rp 45.8 billion in 1995.

The company's president, Anwar Pulukadang, told The Jakarta Post the increase was a result of a 109 percent rise in total sale revenue to Rp 417.21 billion last year from Rp 199.83 billion in 1995, with a before-tax profit surging to Rp 226.63 billion from Rp 84.07 billion.

He said the net income per share increased to Rp 377 last year from Rp 292 in 1995, while the company's retained earning was raised by 321 percent to Rp 126.38 billion from Rp 30.01 billion.

"We expect the sale revenue to further increase to Rp 530.7 billion in 1997, offering a net profit of Rp 157.1 billion," he said.

He said the expected sale increase would be made possible by the company's plan to import 60 new fishing vessels and to procure another 25 to 40 ships from domestic suppliers this year.

The company currently operates 369 fishing vessels in the Arafura and Banda Seas near Irian Jaya and the sea area between Kalimantan and Sumatra.

All fish caught were exported to China, Thailand, Japan, Singapore, Malaysia and Australia, Anwar said.

He said the company, which sold its new shares to the public last October to generate around $83 million, is 68 percent owned by PT Hasil Samudera Laut, a member of the Djajanti Group, 20 percent by the investing public and 12 percent by the holders of its exchangeable bonds -- including the Singapore Government Investment Corp., Search Group of Hong Kong and Prime Partner, also of Hong Kong.

Anwar said Daya Guna Samudera's total assets increased by 221 percent to Rp 601.47 billion (including an equity of Rp 483.45 billion) as of the end of 1996 from Rp 187.39 billion (including an equity of Rp 110.24 billion) as of the end of 1995.

The sharp increase in assets was contributed by the company's acquisition of fishing firm PT Djarma Aru, another member of the Djajanti Group, in April 1996, besides the additional capital from the initial public offering last October.

Daya Guna Samudera's share price on the Jakarta Stock Exchange was unchanged to close at Rp 3,675 on Wednesday as compared to their initial public offering price of Rp 1,950. (riz)