Kalbe Farma swings to net profit

Kalbe Farma swings to net profit

JAKARTA: PT Kalbe Farma swung to a net profit of Rp 231.53 billion (around US$25 million) in the first half of 2002, from a loss of Rp 7.46 billion a year ago, mostly due to foreign exchange gains, the pharmaceutical company said Tuesday.

It said the rupiah's appreciation against the dollar resulted in unrealized foreign exchange gains of Rp 130.47 billion, swinging from losses of Rp 120.31 billion the year before.

Like many local companies, Kalbe is exposed to the volatility of the rupiah due to its dollar-denominated debts. The dollar closed at Rp 8,730 as of June 30, down from Rp 11,440 as of June 30, 2001.

Kalbe said its sales edged up to Rp 1.25 trillion from Rp 1.03 trillion, which raised gross profit to Rp 631.27 billion from Rp 516.19 billion. -- Dow Jones