Tri Polyta's profit drops

Tri Polyta's profit drops

JAKARTA (JP): The country's largest polypropylene resins
producer, PT Tri Polyta Indonesia (TPI), reported yesterday that
it booked a net profit of Rp 45.5 billion (US$19.4 million) in
the first nine months of this year, compared to Rp 54.2 billion
gained for the same period last year.

The company said in a statement that in the same period its
net revenue increased 16.8 percent to Rp 541.8 billion from Rp
463 billion, supported by a 58 percent increase in its sales
volume.

In the third quarter alone, the company booked a profit of
only Rp 4.1 billion, compared to Rp 16 billion reported in the
same period of last year, while its earnings per American
Depository Shares in the same period were Rp 158 compared to Rp
628 in the third quarter of last year.

The profit decline was due mainly to the weakening sale price
of the company's finished products. (alo)