Indon's Polysindo posts big 9-mth net loss on lower sales

13 November 2003 00:28  [Source: ICIS news]

JAKARTA (CNI)---Indonesian purified terephthalic acid (PTA) and polyester producer PT Polysindo Eka Perkasa has reported a net loss of Rp485.08bn ($57.2m/Euro49.1m) in the first nine months of its financial year to 30 September 2003 as against net profit of Rp880.75bn in the same period last year due to lower sales and poor margins.

Polysindo's sales in the nine months reached Rp1.55trn - down by 45.1% from Rp2.83trn a year earlier                                                                                   .

The cost of goods sold decreased by 36.4% to Rp1.93trn from Rp3.04trn, and  Polysindo booked a gross loss of Rp343.56bn, an increase of 168% from Rp128.26bn in the same period of 2002.

Although operating expenses fell by 23.9% from Rp393.63bn to Rp299.79bn, Polysindo’s operating loss increased by 23.4% to Rp643.36bn from Rp521.89bn.

Polysindo is part of the Texmaco Group which has outstanding liabilities to the Indonesian Bank Restructuring Agency (Ibra) of Rp29trn.

Through debt restructuring, Ibra has established two new holding companies - one for textile and chemicals with Polysindo as its main asset, and the other an engineering group. Ibra holds a 70% share in the textile and chemical group. Ibra has failed to dispose the assets through two previous open bids.

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