UIC's profit drops to US$8.89m

UIC's profit drops to US$8.89m

JAKARTA: Chemical products manufacturer PT Unggul Indah Cahaya Tbk (UIC) announced on Thursday a decrease in its net consolidated profit to US$8.86 million last year, from $13.85 million in 2000.

This was despite the fact that its consolidated net sales rose 8.17 percent to $180 million from $167.14 million, the company said in a statement.

"The reduction of net profit is a direct result of transitional adjustment to the implementation of a new financial accounting standard and holding back reserves for deferred taxation," company president Hartono Gunawan said.

Operational profit rose 12.8 percent to $38.52 million, from $34.15 percent.

UIC is the country's only producer of alkylbenzene, the raw material for detergent products.

The company said it would pay a dividend of US$0.0033 per share on July 8. -- JP