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