GGS says no dividend

JAKARTA (JP): Publicly listed textile company PT Great Golden Star (GGS) announced on Saturday it would not pay any dividend this year following losses amounting to Rp 3.76 billion ($570,000) in 1998.

This is the second year running that the company failed to pay any dividend. GGS, which at one time last year was in danger of being delisted because none of its shares were traded for six consecutive months, lost Rp 12.7 billion in 1997.

The 1998 losses resulted mostly from the depreciation of its assets. Sales rose 17 percent to Rp 3.45 billion while the cost of goods sold fell 57 percent to Rp 5.77 billion.

Corporate secretary Hennie KT said the company hoped to make a profit next year by increasing exports and domestic sales.

The company was also exploring the possibility of cooperation with new investors and debt restructuring, Hennie told a shareholders meeting on Saturday.(02)