Indofarma back in black

Publicly listed pharmaceutical company PT Indofarma booked an operating profit of Rp 39.27 billion (US$4.36 million) in the first nine months of this year, from a loss of Rp 17.06 billion in the same period last year.

The company said in a press statement issued on Monday that total sales during the period increased by 46 percent to Rp 470.63 billion.

Indofarma said it had grossed earnings before tax of Rp 15.12 billion as of Sept. 30 from cutting costs, compared to a loss of Rp 49.18 billion before tax in the corresponding period of 2003.

According to the its unaudited financial report, Indofarma repaid Rp 35.66 billion in loans to the government, as well as Rp 90.82 billion in bank loans.

The repayment has halved its loan balance from Rp 216.66 billion as of September 2003 to Rp 108.20 billion this September.

The company, which has three plants to produce pharmaceutical, herbal and baby food products, plans to expand its market and product line, with a launch of about 40 new products set for early next year.

Indofarma's key businesses include producing raw materials for pharmaceuticals, essential medicines, generic medicines, branded products, traditional medicines, cosmetics, manufacturing equipment for health products, contraception and general health products.

The company was established in 1918 by the Dutch colonial government, before Indonesia took over ownership in 1950. -- JP