No dividend from Darya

JAKARTA (JP): Publicly listed pharmaceutical company PT Darya- Varia Laboratoria will not pay a dividend for the 1999 book year as most of its profit will be used to strengthen its financial condition, the company's executive said here on Friday.

Company finance director Oscar E. Carag said most of the profit booked in 1999 would be used to build the company's cash flow to better compete in the country's tight pharmaceutical market.

The company also booked Rp 1.8 billion in net income in 1999, a turnaround from a net loss of Rp 112.8 billion in the previous year. Sales rose to Rp 355.3 billion (US$41.8 million) in 1999 from Rp 288 billion in 1998.

The company also announced the appointment of Sonny Kalona, formerly Darya's president, as the vice chairman of the board of commissioners.

Phillip A. Townsend, formerly one of the company's directors, was named the president of the board of directors.

Darya-Varia, which is listed on the Jakarta Stock Exchange (JSX), manufactures soft capsules, sterile products and general pharmaceuticals. (07)