Goodyear's profits surge

Goodyear's profits surge

JAKARTA (JP): PT Goodyear Indonesia's net profit increased
more than nine-fold to Rp 50.3 billion (about US$6.3 million) in
the 1998 financial year on widely expanded export business.

"We found profitable opportunities to offset almost all sales
losses in our domestic markets by expanding our export business
to other Goodyear companies, especially in Japan, Europe and
USA," GI president Gottfried Hess said at the annual
shareholders' meeting here on Monday.

The company doubled its revenue to Rp 520 billion in 1998,
although domestic tire sales nose-dived to an extremely low
level, Hess said in a statement.

GI has been aggressive in the last five years and is now
finding its production capacity severely underutilized, according
to Hess.

The company will pay a Rp 125 dividend for the 1998 financial
year.

GI is a subsidiary of Goodyear Tire & Rubber Company
established in 1898 and based in Akron, Ohio. It has over 89,000
employees worldwide and 74 manufacturers in 30 countries. (udi)