Texmaco's profit down

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)