Indonesian PT Asahimas Flat Glass Co. Ltd., a joint venture between Indonesia“s conglomerate PT Rodamas Co. Ltd. and Japan“s Asahi Glass Co. Ltd., has reported a net profit of 37.3 billion rupiah fo…
Indonesian PT Asahimas Flat Glass Co. Ltd., a joint venture between Indonesia“s conglomerate PT Rodamas Co. Ltd. and Japan“s Asahi Glass Co. Ltd., has reported a net profit of 37.3 billion rupiah for the first half of 1996, against 32.5 billion rupiah in the same period last year. Asahimas, Southeast Asia“s largest glass maker, announced in a statement that the firm“s performance during the period was affected by a slow down in the property and automotive sectors. However, president and director of the company Margono Djojosumarto believes that the weak demand from the automotive sector was likely to be temporary. Asahimas has a current production capacity of 420,000 tonnes per year. Asahimas has also announced that it expects export sales to rise to 30%-35% of total sales in 1996, up from 26% in 1995 and 18% in 1994. The company stated that this was due to low production costs, relatively abundant supply of raw materials at home and higher demand overseas. Asahimas“s 1995 net export sales amounted to 105.48 billion rupiah (26% of total sales). Its 1994 net export sales amounted to 51.33 billion rupiah (18%). Asahimas announced earlier this year that it was constructing a safety glass factory with annual capacity of 1.5 million sq. m. which would boost capacity to 3.2 million sq. m. per year in 1998.