Indorayon's sales plunge

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)