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