Texmaco's profit down

JAKARTA (JP): Publicly listed PT Texmaco Perkasa Engineering, one of the largest engineering companies in the country, reported a decline in net profit to Rp 19 billion (US$2.5 million) in 1997 from Rp 65.81 billion in 1996.

The company announced yesterday that the sharp decline in its net profit was due to large foreign exchange losses caused by the rupiah's sharp depreciation.

"The rupiah's depreciation reduced the company's net profit to Rp 19 billion after charging a net foreign exchange loss of Rp 92 billion to current operations," the company said.

However, the company's net sales increased 44 percent to Rp 560 billion in 1997 from Rp 405.84 billion in 1996, the company said.

The company said its operating profit rose 80 percent to Rp 238 billion in 1997 from Rp 124.18 billion in 1996.

Texmaco Perkasa Engineering is part of the Texmaco Group with vast experience in the field of engineering. (aly)