Indonesia's Sampoerna earnings soars to Rp 887b
Indonesia's Sampoerna earnings soars to Rp 887b
JAKARTA: Cigarette producer PT HM Sampoerna said Thursday its net profit for the first six months of this year jumped to Rp 887.92 billion (US$95.5 billion) from Rp 249.89 billion.
It attributed the huge jump in net profit to gains from a new accounting treatment at Rp 521.82 billion and the increase in sales.
The company said it will provide an explanation for the new accounting treatment to the public Friday.
Its sales rose 18 percent to Rp 7.591 trillion from Rp 6.420 trillion during the same period last year. Sampoerna didn't provide comments for its performance.
Shares in Sampoerna closed up 2 percent, or Rp 75, to Rp 3,575 Thursday. -- Dow Jones
Matsushita, Toshiba to create TV tube maker
TOKYO: Japanese consumer electronics giants Toshiba Corp. and Matsushita Electric Industrial Co. Ltd. said Thursday they would tie up to create the world's third largest maker of television cathode ray tubes (CRTs).
The firm, to be established in January, would have some 16,000 employees worldwide and aims for combined sales of 270 billion yen (US$2.2 billion) in the current financial year to March 2003.
The companies had already set up two joint ventures to make displays used in such items as televisions and computers this April, one to procure parts for CRTs and the other to produce and sell liquid crystal displays (LCDs).
The latest tie up deepens their partnership and seeks to challenge the market dominance by South Korean players LG Philips and Samsung, which rank one and two in CRT production.
The joint venture will capture a 13 percent global market share, compared to 24 for LG Philips and 15 for Samsung, based on last year's results, Fukagawa said. -- AFP
Nokia sees 10-15 percent growth
HELSINKI: Annual sales of hand-held telephones should grow by 10-15 percent over the next few years, a senior executive with Finnish telecommunications equipment maker Nokia said Thursday.
Kari-Pekka Wilska, president of Nokia Americas, told an investment conference in the United States organized by Banc of America Securities that his projection was based on the current average replacement cycle of 2.5 years.
A text of his remarks was received here.
"Replacement cycle is the big feature for this (10-15 percent growth), if the cycle shortens, it will drive the growth further up," Wilska said, adding that global handset penetration should reach 1.5 billion units in 2005.
He reiterated Nokia's target of reaching more than 40 percent of market share, noting that growing average selling prices were driving Nokia's growth at the moment. -- AFP
SingTel launches wireless broadband Internet
SINGAPORE: Singapore Telecommunications on Thursday launched a wireless broadband Internet service accessible at more than 100 centers throughout the island.
The system provides customers using a notebook computer or handheld device to gain wireless access to the Internet at broadband speeds.
"We are committed to making wireless data technology readily available," SingTel vice president for consumer products Hui Weng Cheong said in a statement.
"SingTel will have at least 150 wireless surf zones by the end of the year. We will also offer wireless local area network infrastructure to other operators and Internet service providers on a wholesale basis."
The surf zones have been set up in various popular cafes and fastfood restaurants, as well as hotels and clubs. -- AFP
Japan's ANA halts fare cuts after monopoly fears raised
TOKYO: Japan's number two airline All Nippon Airways (ANA) said Thursday it will halt fare cuts on three routes after the nation's fair trade watchdog warned the reductions unfairly harmed new entrants.
The move was seen as a victory for the nation's smaller carriers, which face tough competition in an industry dominated by three main players.
The Fair Trade Commission (FTC) said fare cuts of more than 20 percent on routes to the southern Kyushu region by ANA, Japan Airlines (JAL) and Japan Air System (JAS) may have broken the law.
The carrier said it would raise fares by up to 4,000 yen (US$32.50) on routes from Tokyo's Haneda airport to Fukuoka, Miyazaki and Kagoshima starting in December. -- AFP
Dresdner Bank to cut 1,000-1,200 jobs
FRANKFURT: Dresdner Bank, the banking arm of insurance giant Allianz, reiterated Thursday that it planned to cut 2,700-3,000 jobs as part of a cost-cutting program and provided details for the first time about where the jobs were likely to be axed.
The largest proportion of the cuts, around 1,000-1,200, were set to be made at its investment banking unit, Dresdner Kleinwort Wasserstein, the bank revealed in a statement.
The headcount reduction, already announced in August, is part of a program to reduce costs by some 700 million euros (US$686 million). -- AFP
Matsushita to cut US$2.4b trimming suppliers
TOKYO: Japanese electronics giant Matsushita Electric Industrial Co. Ltd. said Thursday it would save 300 billion yen (US$2.4 billion) a year by March 2004 by slashing the number of its suppliers.
The company said it plans to trim the number of firms supplying its 10 domestic group companies with steel, resins and electric parts in half to 3,000 by next March, then to 2,000 by March 2004, among other moves.
"Through these actions, along with streamlining of our management structure, we can expect a 300 billion yen cost reduction," said Matsushita spokesman Yasuhiro Fukagawa.
The cost savings comes in part from an "increase in procurement from overseas countries plus a reduction of inventories," Fukagawa said. -- AFP