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)