Pan Brothers' sales rose by 44%

JAKARTA (JP): Publicly listed garment firm PT Pan Brothers recorded robust sales which rose by 44 percent last year, even though international confidence in the Indonesian industry has yet to recover, a senior executive said late last week.

Pan Brothers president Bambang Setijo said sales rose to Rp 241.77 billion last year, compared to Rp 167.70 billion in the previous year.

Bambang said the company's export volume also rose by 15.95 percent to 433.66 dozens in 2000, from 374.03 dozens in 1999.

The company exports garments to the United States, European countries, Canada, Japan and Australia.

"Such a significant growth in sales proves our competitiveness in the international market despite the unfavorable climate for industry in Indonesia," Bambang Setijo said during the company's annual general shareholders meeting.

During the meeting, the company agreed to pay a total dividend of Rp 2.66 billion to its shareholders.

Bambang, however, said the net profit remained flat at Rp 14.98 billion last year, reflecting only a 3.4 percent increase from Rp 14.48 billion in the previous year.(03)