Polytama's profit down

JAKARTA (JP): PT Polytama Propindo's net profit plunged to Rp 2.6 billion (US$1.1 million) in the first semester of this year from Rp 26.1 billion in the same period last year.

The company, one of Indonesia's major polypropylene producers, announced yesterday that its net sales slightly rose to Rp 147 billion in the January to June period of this year from Rp 141.9 in the first half of 1996.

Polytama blamed the drop on the deterioration of the Delta P from US$474 per ton in the second quarter of 1996 to US$411 per ton in the March to June period of this year.

In the second quarter of this year, the company booked an operating profit of Rp 19.3 billion before interest and other charges, with the sales revenue reaching Rp 90.5 billion. (08)