Inhutani I's profit up

JAKARTA (JP): State timber firm PT Inhutani I reported yesterday a pretax profit of Rp 21.6 billion (US$1.54 million) in the first semester of this year, up 8 percent from the Rp 20.4 billion in the same period last year.

Company president Abdul Fattah said Inhutani I estimated the 1998 pretax profit would increase 47 percent to Rp 27.3 billion this year from Rp 40.4 billion in 1997.

He said the pretax profit was about 79.2 percent of the initial target for 1998.

Fattah said Inhutani I's low profit target for this year was "realistic" in line with a decline in the demand for wood products both at home and overseas.

Fattah said the company earned Rp 6.8 billion from export and Rp 80 billion from domestic sales in January to May period this year.

The company expected to gain a total revenue of Rp 330 billion this year, Rp 304 billion of which is expected to come from domestic sales and Rp 22.8 billion from export.

Inhutani I, one of six state timber firms, operates forest concessions and wood processing factories in East Kalimantan, Sulawesi and Maluku. (gis)