Wicaksana's profit surges

JAKARTA (JP): PT Wicaksana Overseas International, the publicly listed consumer product distributor, booked a net profit of Rp 99 billion (about US$13.20 million) in 1999, swinging from a net loss of Rp 347 billion in 1999.

The company said in a statement that the sharp increase in the net profit was caused by a significant rise in net sales and foreign exchange earning.

The sales rose by about 40 percent from Rp 1.8 trillion to Rp 2.6 trillion, about three percent higher than the initial target, the company said.

For the year 2000, the company estimated total net sales of Rp 3.46 trillion, a target which reflects an increase of about 35 percent from the 1999 total sales.

The company said that it was in the final stages of its debt restructuring process, which was expected to be signed in May 2000. (hen)