Mustika Ratu profits up 114%

JAKARTA (JP): PT Mustika Ratu, a manufacturer of traditional medicines and cosmetics, announced yesterday that its net profits last year increased by 114 percent to Rp 16 billion (US$6.95 million) from Rp 7.5 billion the previous year.

The profits, audited by the public accounting firm Prasetyo Utomo & Co., resulted from a 39 percent increase in sales to Rp 92.3 billion last year from Rp 66.3 billion in 1994.

A statement issued by Mustika Ratu also said that the company last year expanded its exports, which helped to produce up to 20 percent of total sales revenues.

Mustika Ratu's shareholders yesterday agreed in their annual meeting here on the distribution of 35 percent of the firm's net profits as dividends, which will reach Rp 52 per share, to be paid in July.

According to the statement, the company managed to gain an ISO 9002 quality certification on May 23 from PT Sucofindo and the Netherlands' Raad Voor Akreditatie certification agency.

Mustika Ratu plans to gain net profits this year of Rp 121 billion, with 25 percent of the total sales coming from exports.

The company said it is also planning to open new outlets in Kuala Lumpur, Los Angeles and a number of cities in the Middle East this year. (pwn)