Sumalindo's profit drops

JAKARTA (JP): Publicly listed PT Sumalindo Lestari Jaya's net profit declined by 122 percent to Rp 5.3 billion (US$2.17 million) in 1996 from Rp 11.8 billion in 1995 due to the increase in interest cost and exchange rate cost.

"The interest cost rose from Rp 5.8 billion to Rp 9.9 billion and exchange rate cost rose from Rp 3.1 billion to Rp 5 billion," the company said in a statement.

The company's net sales rose to Rp 291.6 billion from Rp 251.5 billion in 1995 due to the increased price of plywood and the commencement of sales from the company's medium density fiberboard (MDF) unit.

Sumalindo said that the global price of plywood rose to $425 per cubic meter last year from $390 in 1995. (09)