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)