Indorayon's sales plunge

JAKARTA (JP): Publicly listed PT Indorayon Inti Utama yesterday reported a steep fall in its pulp and rayon sales to Rp 331.10 billion (US$135.6 million) last year from Rp 629.7 billion in 1995.

Indorayon's Director P. Daritan said in Medan that the sales turnover drop was caused by a market glut last year which sent pulp prices plunging to an average $320 a ton.

Daritan was quoted by Antara as saying after Indorayon's shareholders meeting that the company's net profit also fell sharply last year to Rp 49.34 billion from Rp 268.36 billion.

He said that shareholders had agreed to make changes to management to improve the firm's performance.

Daritan said Roland Mazery had replaced Polar Yanto Tanoto as president, Herbin Darlin was appointed general manager and Samadikun Hardjodarsono was appointed commissioner. (25)