Lautan Luas revenue drops

JAKARTA (JP): Chemical company PT Lautan Luas said that its net income for last year dropped to Rp 26 billion (US$2.3 million) from Rp 55.7 billion in 1999.

"The primary cause of this reduction is the foreign exchange loss due to rupiah exchange rate fluctuations," Lautan Luas president Indrawan Masrin said in a statement on Wednesday.

Net revenue, however, increased by 28.9 percent to Rp 820.8 billion last year, with 35.1 percent obtained from the sale of products from the company's own manufacturing subsidiaries, he said.

At the annual shareholders meeting on Wednesday the company announced a dividend of Rp 7 per share to be paid on Aug. 1.

The company has several subsidiaries which produce among other things, activated carbon, azodicarbonamide, sulphamic acid and fatty alcohol. (tnt)