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
;Agencies; ANPAf..r.. CorporateBrief-GM-recalls GM recalls 720,000 cars, trucks JP/14/brief
GM recalls 720,000 cars, trucks
DETROIT: General Motors Corp., the world's largest car maker, announced Monday it was recalling nearly 720,000 cars and trucks because of potentially faulty air bags.
About 570,000 cars were recalled because their air bags may not inflate in a crash, General Motors said in a statement.
Another 150,000 were recalled because the module that inflates the air bags may fracture at the point where they are welded to the car, the statement said.
The 570,000 recalls affected model year 2000 Chevrolet Silverado pickups, Tahoe/Suburban sport utility vehicles, GMC Sierra pickups and Yukon/Yukon XL sport utility vehicles.
Full-size pickups and sports utility vans built between February 1999 and February 2000 were affected, it said.
The other 150,000 recalls affected model years 2002 and 2003 Buick, Cadillac, Chevrolet, GMC, Oldsmobile, and Pontiac cars and trucks built between May and July 2002. -- AFP
;Agencies; ANPAf..r.. CorporateBrief-Honda-recalls Honda to recall 18,400 vehicles JP/14/brief
Honda to recall 18,400 vehicles
TOKYO: Japan's number two automaker Honda Motor Co. Ltd. said Tuesday it would recall 18,414 Odyssey people-carriers in Japan and overseas due to an engine fault.
In the worst case scenario a belt in the engine could come loose, affecting the battery recharger lamp and also the steering mechanism, said a spokesman.
"May be when you steer the car... the steering would be much more than expected," he explained.
Five cases had been reported to Honda, although the problem had not resulted in any accidents.
Some 18,081 mini-vans would be recalled in Japan and a further 333 from overseas -- 141 of them from Australia.
The effected Odysseys were made between November 1999 and February 2000. -- AFP
;Agencies; ANPAf..r.. CorporateBrief-Mitsubishi-recalls Mitsubishi recalls 37,000 sedans JP/14/brief
Mitsubishi recalls 37,000 sedans
TOKYO: Troubled automaker Mitsubishi Motors Corp. said Tuesday it would spend 20 million yen US$168,000 recalling 37,000 sporty Lancer Evolution sedans at home and abroad to fix an exhaust problem.
Moisture in the exhaust pipe could clog up an oxygen sensor causing it to crack and malfunction. As a result, the car may release more exhaust fumes than necessary, explained Mitsubishi spokesman Mitch Hayes.
Some 32,000 Lancer Evolutions would be recalled in Japan and 5,000 from overseas markets, mainly Britain, New Zealand and the Middle East.
Mitsubishi has received 14 reports of such a problem, but it has not caused any accidents.
The recall covers vehicles made between Jan. 7, 1998 and Apr. 3, 2002. -- AFP
;Agencies; ANPAf..r.. CorporateBrief-Taiwan-Microsoft Taiwan probes Microsoft JP/14/brief
Taiwan probes Microsoft
TAIPEI: Taiwan has launched an investigation into Microsoft for alleged unfair competition practice here, a report said Tuesday.
The Fair Trade Commission formed a taskforce in May to probe allegations Microsoft had abused its software dominance to manipulate prices in Taiwan, the United Daily News said.
The FTC planned to question representatives from Microsoft's headquarters in the United States after having talked to its branch operations in Taiwan and Singapore, the paper said.
The newspaper said corporate clients in Taiwan buying Microsoft software are required to sign contracts with Microsoft's Singapore office while its local agents provide clients with authorization codes to use the products.
Microsoft's Singapore office also barred Taiwanese clients from switching local agents without its approval if they wanted to buy additional Microsoft products. -- AFP
;Agencies; ANPAf..r.. CorporateBrief-Sturbucks-Japan Starbucks Japan profits cool 21.2% JP/14/brief
Starbucks Japan profits cool 21.2%
TOKYO: Starbucks Coffee Japan Ltd. said Tuesday its pre-tax profit slumped 21.2 percent in the three months to June as the price of coffee beans soared after a decline in the yen against the dollar.
Japan's version of the popular U.S. coffee chain saw its pre- tax profit slip to 430 million yen (US$3.6 million) over the first quarter from 546 million yen previously.
"The major reason for the profit decline was foreign exchange losses, which made the price of coffee beans and foreign products, such as cups and construction materials, considerably higher," a company spokeswoman said.
The firm used a foreign exchange rate of 133 yen against the dollar for the three months, compared with 105 yen a year earlier. Importers benefit from a stronger yen when they pay for foreign products in dollars.
Sales, however, rose 26.4 percent to 13,534 million yen over April-June. -- AFP