Mulia's profit down

JAKARTA (JP): Publicly listed ceramics producer PT Mulia Industrindo posted a Rp 16 billion (US$6.66 million) net profit in the first quarter of 1997, down 36 percent from Rp 24.8 billion in the corresponding period last year.

The company's statement said yesterday the decline was caused by a drop in its flat glass gross profit due to a price decline in the second half of 1996.

But Mulia Industrindo's net sales increased to Rp 128.4 billion in the first quarter of 1997, up 17 percent from the same period last year.

The rise followed expansion programs in 1996.

The company expected to book net sales of Rp 810 billion in 1997, up 56 percent from 1996's Rp 518.9 billion.

The company also expected to post a net profit of Rp 162 billion in 1997, up 43 percent from Rp 113.4 billion in 1996.

It said its sales growth was slow in the first half of 1997 due to the general election but was expected to speed up in the second half with the launch of a new ceramic tile, called accura, and its greater flat glass production capacity. (09)