Rimba Niaga loses Rp 1.5b

Rimba Niaga loses Rp 1.5b

JAKARTA (JP): Publicly-listed textile and garment exporter PT
Rimba Niaga Idola reported losses of Rp 1.5 billion (US$650
million) for the year ended on June 30.

The company's president Haresh Dhalomal said in an annual
shareholders meeting yesterday that the company failed to make
profit even though its textile and garment sales reached Rp 15.6
billion.

PT Rimba Niaga, which went public in 1989, was founded in 1979
as a manufacturer of rattan furniture at Tangerang, West Java.

In 1992-93 and 1993-94 financial years the company failed to
gain profit due to the sharp decline in export of its rattan
products.

Last year the company's net losses reached Rp 1.4 billion.

On Aug.1 last year, the shareholders decided to change the
company's business line to become an exporter of textile and
garments.

Haresh estimated that the company will book $7 million in
sales and a net profit of Rp 400 million next year.

He said that more than 50 percent of the earnings target has
been realized during the first six months (July-Dec.) this year
and the total target may be met at the end of the third quarter
(March, 1996).(08)