Indon's Polysindo transforms '00 loss into '01 net profit

14 May 2002 08:48  [Source: ICIS news]

JAKARTA (CNI)--Indonesian purified terephthalic acid (PTA) and polyester manufacturer PT Polysindo Eka Perkasa recorded net profit of Rp311.70bn ($33.6m/Euro37.1m) for its financial year to 31 December 2001 - a huge reverse from its net loss of Rp4.82trn in 2000.

The net profit was achieved on the back of foreign exchange losses for 2001 that fell to Rp1.06trn from Rp3.61trn in 2000, as well as from extraordinary income as a result of the writing off of interest worth Rp2.63trn on senior notes.

Polysindo booked consolidated sales of Rp4.01trn, up by 21.5% from Rp3.30trn in 2000. But the cost of goods sold increased by 15.4% to Rp4.18trn from Rp3.62trn last year and operating expenses rose by over 50% to Rp568.4bn.

As a result, the company booked an operating loss of Rp744.4bn last year against loss of Rp700.6bn in 2000.

The company operates a PTA plant with a capacity of 340 000 tonne/year.

PTA output increased significantly last year to 281 000 tonne - 82% of the plant's capacity - from 229 000 tonne in 2000.

Polyester staple fibre (PSF) output also increased - to 86 000 tonne in 2001 from 69 000 tonne in 2000.

By: Jack Lukup
+65 6780 4359

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