Great River's sales drop 34%

Great River's sales drop 34%

JAKARTA: Publicly listed textile maker PT Great River
Indonesia (GRI) reported that the company's total sales fell 34
percent to Rp 440.2 billion (US$53.6 million) last year, from Rp
665 billion in 2001.

However, its net profit rose to Rp 925.2 billion last year,
from a loss of Rp 375.5 billion in the previous year. The huge
leap into the black was thanks to "the success in debt
restructuring", the company said, without providing details.

GRI president director Sunjoto Tanudjaja said the decrease in
sales was due to the drop in the export volume, mainly to the
United States, the company's main export market.

"In 2002, our exports fell 44 percent to Rp 250.9 million from
Rp 447.5 million in the previous year. This is the first time we
experience a drop in export volume since 1998," he said.

Speaking at the press conference after the extraordinary
shareholders' meeting, Sunjoto said the company would boost its
sales in the domestic market this year. -- JP