Indon's Polysindo more than doubles H1 op loss to Rp371bn
11 August 2003 07:39 [Source: ICIS news]
JAKARTA (CNI)--Indonesian purified terephthalate acid (PTA) and polyester producer PT Polysindo Eka Perkasa more than doubled its operating loss to Rp371.06bn ($43.4m/Euro38.4m) in the first half of its financial year to 30 June 2003 from Rp156.51bn in H1 2002, due largely to continuing poor product margins.
Polysindo booked consolidated sales of Rp1.23trn -- a fall of 34.7% from Rp1.89trn in H1 2002. Meanwhile, the company's cost of goods sold fell by 19.0% to Rp1.44trn from Rp1.78trn a year earlier.
As a result, Polysindo booked a gross loss of Rp208.16bn compare to gross profit of Rp111.04bn in H1 2002.
Although the company managed to reduce operating expenses to Rp162.92bn from Rp267.55bn, its operating loss increased sharply by 138% year-on-year.
By: Jack Lukup
+65 6780 4359
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