Sampoerna's net profit rises 75%

Sampoerna's net profit rises 75%

JAKARTA : Indonesia's second largest clove cigarette maker PT Hanjaya Mandala Sampoerna said on Thursday its net profit rose 75 percent in 2002 to Rp 1.67 trillion (US$187 million) from Rp 955.41 billion a year earlier.

The sharp increase in net profit is partly due to a change in accounting methods applied to derivative and hedging transactions, which caused an adjustment in the 2001 net profit from the Rp 1.48 trillion reported last year, the company said.

On an operational level, the company said net sales rose 7.5 percent in 2002 to Rp 15.13 trillion from Rp 14.07 trillion in 2001 and gross profit rose 13 percent to Rp 4.61 trillion from Rp 4.07 trillion.

Meanwhile, operating profit rose to Rp 2.73 trillion from Rp 2.65 trillion.

The company didn't provide any further comment on its performance. --Dow Jones