Petrochem profits down

Petrochem profits down

JAKARTA (JP): The publicly listed PT GT Petrochem Industries
announced Thursday an 11 percent drop in its consolidated net
profit in 1996 to Rp 54 billion (US$22.68 million) from Rp 60
billion in 1995.

The company's unaudited financial report said the drop was
caused by lowering the gross profit margin from 32 percent in
1995 to 19 percent in 1996.

The decrease in net profit was attributed to a 5 percent
decline in the average selling price of cord, and a 51 percent
decline in filament sales to third parties.

Despite a drop in net profit, the company recorded an increase
in net sales to Rp 257 billion in 1996 from Rp 222 billion in
1995.

GT Petrochem, formerly Andayani Megah, produces tire cord and
industrial filament. (09)