PT Asahimas Flat Glass said its net profit for the first nine months of 1999 rose to Rp 13.17 billion from Rp 4.67 billion a year earlier.
Net sales for the same period increased to Rp 567.2 billion …
PT Asahimas Flat Glass said its net profit for the first nine months of 1999 rose to Rp 13.17 billion from Rp 4.67 billion a year earlier. Net sales for the same period increased to Rp 567.2 billion from Rp 551.7 billion as the weaker rupiah kept a lid on export revenue. Earnings per share climbed to Rp 30 from Rp 11. Lower interest expenses and foreign exchange losses pared down costs and boosted the company“s bottomline, despite a fall in operating profit to Rp 58.7 billion from Rp 190.6 billion a year earlier. Asahimas, which has concentrated on exports in the last two years due to declining domestic glass sales, said sales volume in the third quarter increased to 111,476 tons, up 26% from the second quarter. The company said its offshore debt was Rp 1.24 trillion in the third quarter. It also deferred Rp 190.8 billion in foreign exchange losses incurred as a result of the weaker rupiah during the third quarter. This loss will be booked against full-year earnings at the end of 1999, a company spokesman said. Asahimas is a unit of Japanese glass producer Asahi Glass Co.