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

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ANPAf..r..
CorporateBrief-Manulife-StanChart-mutual-fund
Manulife, StanChart offer mutual fund
JP/14/Brief

Manulife, StanChart offer mutual fund

JAKARTA: PT Manulife Aset Manajemen Indonesia and Standard
Chartered (StanChart) bank will jointly launch a mutual fund that
some expect could return about 12.5 percent per annum.

Eighty percent of the fund will be invested in government
bonds and 20 percent in other money market instruments.

"However, as the interest rate on SBI (Bank Indonesia
Certificate) is fluctuating, the 12.5 percent yield is not a
guarantee," said Manulife's assistant vice president Naresh
Krishnan on Wednesday. The yield will be paid monthly.

He added that the minimum investment was Rp 100 million (about
US$12,000). "But investors can choose our monthly reinvestment
option, which requires investors to pay only Rp 10 million
initially and add the amount until it reaches Rp 100 million," he
said.

Potential investors can buy the fund without having to pay any
subscription fee. They can also redeem the investment with a
redemption fee of 1.25 percent if they do so within the first
year. If they do it after a year, investors do not have to pay
any fee. --JP

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CorporateBrief-UBS-cut-jobs
UBS to cut more jobs
JP/14/Brief

UBS to cut more jobs

ZURICH: Swiss financial giant UBS said on Wednesday it plans to
cut around 500 investment banking jobs worldwide in an effort to
slash costs.

Dave Walker, spokesman for Switzerland's largest bank,
declined to say where the cuts would be made. "We will reduce the
work force globally by around 3 percent," Walker said.

The bank has reviewed its cost structure and its staffing
needs, and the cuts are aimed at balancing costs versus growth,
he said.

UBS currently employs around 16,000 people in 30 countries in
its investment banking operations. In early trading in Zurich,
UBS shares were down 0.7 percent at 75 francs (US$57.55). -- AP