Pioneer's sales in Asia fall

Pioneer's sales in Asia fall

PERTH (Reuters): Building products group Pioneer International Ltd said yesterday that sales volumes from three key Southeast Asian countries had fallen sharply due to the region's economic downturn.

"There has been a very significant impact on volumes," managing director John Schubert said, referring to Indonesia, Thailand and Malaysia.

Schubert told Reuters that the impact of the downturn had not been so sharply felt in the company's two major Asian markets of Hong Kong and Singapore.

The Asian operations account for about 24 percent of total revenue for Pioneer International, which is one of Australia's biggest building companies with assets in Asia, Europe and the United States.

Pioneer had 1996/97 (July/June) sales of A$3.14 billion and a net profit of A$215.0 million from A$258.3 million a year ago. Operating profit in Asia last year rose to A$79.1 million from A$58.8 million a year earlier.