Surya Toto to expand its markets

JAKARTA (JP): PT Surya Toto Indonesia, a Japanese-Indonesian joint venture manufacturing sanitary products and fittings, is expanding its export markets to include Australia, Myanmar, Qatar, the United Arab Emirates and Saudi Arabia, its president said.

Mardjoeki Atmadiredja said after the company's extraordinary shareholders meeting here yesterday that the export expansion was to increase its 1997 profit.

He said the company, whose total sales revenue was Rp 132.85 billion (US$54.31 million) in 1996, exported to 20 countries last year with a total value of Rp 39.85 billion.

Last year's total sales revenue was Rp 67.6 billion from sanitary products (including Rp 24.13 billion from exports) and Rp 65.25 billion from fittings (including Rp 15.71 billion from exports).

He claimed that Surya Toto controlled between 50 percent and 60 percent of the sanitary products and fittings domestic market last year.

Mardjoeki said Surya Toto wanted to increase its net profit by between 8 percent and 10 percent to Rp 24 billion this year, from last year's Rp 22.66 billion.

Mardjoeki said the firm was competing against import products which were bought by local companies under the advice of foreign consultants.

Surya Toto is 32.6 percent owned by Japan's Toto Ltd, 25.1 percent by PT Suryaparamitra Abadi, 25.1 percent by PT Intimitra Sejahtera and 14 percent by the public.

Yesterday's meeting approved paying dividends of Rp 150 per share, totaling Rp 7.74 billion. (13)