Indorama's net profits up 23 % to Rp 62 billion

Indorama's net profits up 23 % to Rp 62 billion

JAKARTA (JP): PT Indorama Synthetics, a textile company listed on the Jakarta Stock Exchange, announced yesterday that its after-tax profits rose by 23.5 percent to Rp 62 billion (US$28.18 million) from Rp 50 billion in 1993.

The company's managing director, S.P. Lohia, said in a public presentation at the Mercantile Club yesterday that his company's sales turnovers went up by 26.5 percent to Rp 382 billion and earnings per share were up by 20 percent to Rp 640.

The company's board of directors recommended a dividend of Rp 140 per share for 1994 on the expanded post bonus capital subject to approval by the shareholders in their upcoming general meeting, Lohia said.

"We project our sales turnovers this year at Rp 747 billion and our profits at Rp 120 billion." Lohia said.

He noted that Indorama is conducting several expansion programs which cover its polyester plant, a weaving plant, a PET resin plant, a specialty yarn plant and a dyeing-finishing plant.

The expansions will make Indorama the largest polyester producer in Indonesia and will increase its total assets to more than Rp 1 trillion, Lohia added. (rid)