Pan Brothers pays dividend

JAKARTA (JP): Publicly listed PT Pan Brothers will pay a cash dividend of Rp 35 per share for financial year 1999, down from Rp 50 per share in the previous year, the company's president Bambang Setijo said here on Friday.

Bambang said that the company's net profit dropped to Rp 14.48 billion last year from Rp 20.5 billion in 1998 despite the surge in sales.

The company's sales increased to Rp 167.69 billion in 1999 from Rp 157.68 billion in 1998 thanks to higher demand for textiles and ready-made garments, especially from foreign markets, he said. But our profit suffered due to increased prices of raw materials, he added.

Pan Brothers manufactures ready-made garments under several international brands such as Polo, Ralph Lauren, Gap, Old Navy, JC Penney, Champion and Umbro.

He said that the company planned to manufacture new brands such as Calvin Klien, DKNY, J.Crew, Lerner, Blomingdale, Replay, Reebok, and Diadora. (07)