UIC's profit down

UIC's profit down

JAKARTA (JP): Publicly listed PT Unggul Indah Corporation
(UIC) has announced an 85 percent decline in net profit to Rp 6.2
billion in 1997 from Rp 40.7 billion the previous year.

Company president Hartono Gunawan said in a statement
yesterday that the sharp decline was caused by large foreign
exchange losses due to the rupiah's sharp depreciation against
the U.S. dollar.

He said the company included Rp 64.2 billion of its foreign
exchange losses in its net profit calculation while capitalizing
another Rp 197.8 billion into its fixed assets.

The company's net sales, however, rose 23 percent to Rp 454
billion in 1997 from Rp 368 billion the previous year, he said,
from sharp increases in alkylbenzene sales to its subsidiaries in
Australia and Vietnam.

He said the company had US$132 million in foreign debts as of
last December. (aly)