Packaging firm reports profit

Packaging firm reports profit

JAKARTA (JP): PT Fajar Surya Wisesa, a paper board producer which listed its shares on the Jakarta Stock Exchange (JSX) last month, yesterday announced a 223 percent increase in its after- tax profit to Rp 37.2 billion (US$16.87 million) last year.

Fajar Surya Wisesa's president, Winarko Sulistyo, told The Jakarta Post here yesterday that the sharp growth in its profit, which was higher than its target of Rp 35.7 billion, was partly caused by a rise in its net sales from 153,000 tons in 1993 to 180,000 tons last year, in addition to a 40-percent increase in the prices of its paper boards and packaging-related products on the domestic market.

He said that the company's sale revenues soared by 66 percent to Rp 220 billion last year from Rp 132 billion a year earlier.

Winarko added that its earning per share reached around Rp 304 last year.

He said that his company, which listed 47 million shares, or 21.17 percent of its total stocks, on JSX, plans to increase its output capacity from 220,000 tons per annum at present to 500,000 tons by the end of this year.

"The output expansion will be made through a modification of our existing paper machinery, in addition to the operation of new paper machinery with a capacity of 220,000 tons per year," Winarko said.(fhp)