Sumalindo more than doubles net profits

JAKARTA (JP): PT Sumalindo Lestari Jaya, the timber unit of the Astra group, more than doubled its net profits to Rp 36.09 billion (US$16.75 million) last year and increased its earnings per share by 98.5 percent to Rp 687, the company reported at its shareholders meeting yesterday.

PT Sumalindo Lestari Jaya, which listed shares on the Jakarta stock exchange last March gained the profits from total sales of Rp 267.17 billion, up from Rp 185.2 billion in 1982.

The company attributed the higher profits to a marked rise in international plywood prices and higher production.

Plywood production rose from 206,000 cubic meters in 1992 to 230,000 cubic meters in 1993.

The company reported that the license of one of its forest concessions had been extended by the government to the year 2010, thereby securing log supplies to its plywood mill.

Sumalindo also briefed its shareholders on its preparations for the building of three medium-density fiber plants, each with a designed capacity of 100,000 cubic meters in East Kalimantan.

One of the plant projects will come on stream in 1996, to be followed by the other two in 1997 and 1999.

Hotel

Meanwhile Hotel Prapatan, another company listed on the JSX and Surabaya stock exchanges, reported a net profit of Rp 7.5 billion, up from Rp 6.3 billion in 1992.

The corporate secretary of PT Hotel Prapatan, Shadik Wahono, told a press conference after the annual shareholders meeting that the company will distribute a cash dividend of Rp 50 per share or a total of Rp 2.48 billion ($1.15 million) in July.

Shadik said a portion of the company's profit will be used to build a hotel in Pekanbaru, Riau and a residential estate in Mega Mendung, about 70 kilometers south of here.

He said the construction of the hotel with 150 rooms will cost around $11 million.

PT Hotel Prapatan is the holding company for the Aryaduta Jakarta hotel and PT Shimatama Graha, a chain of three restaurants in Jakarta and Surabaya.

The Aryaduta Jakarta previously operated under the Hyatt name.

"But we are still under the Hyatt's management since we still pay a management fee to them," Shadik said. (02)