Indomulti's profit up 118%

Indomulti's profit up 118%

JAKARTA (JP): PT Indomulti Inti Industri, a multi-industry
corporation listed on the Jakarta Stock Exchange, reported a 118
percent increase in net profits to Rp 26.7 billion (US$11.4
million) last year.

The company's net sales reached Rp 824 billion from its five
business segments.

Indomulti's investor relations manager, Julyasanti, told The
Jakarta Post that the net sales from its shoe division reached Rp
176 billion, textile division Rp 165 billion, packaging and
printing division Rp 17.4 billion, iron sheet division Rp 229
billion and mosquito coil division Rp 237 billion.

The company's president, Franciscus Welirang, said yesterday
that 1995 was a difficult year for the shoe and textile
industries because production cost increases were not followed by
higher sales prices.

"As a result, the profit contribution from the shoe and
textile divisions was marginal," Welirang said.

"The consolidated net income, however, rose significantly as
the profit growth in iron sheet and mosquito coil divisions was
high enough to compensate for the setback in the shoe and textile
divisions," he added.

In efforts to cut overhead in the shoe division, the company
is now considering merging its three shoe factories now located
in two different places in East Jakarta. (08)