Indonesia: PT Asahimas Q1 net profit down on foreign exchange falls

Indonesian safety glass manufacturer PT Asahimas Flat Glass said its net profits for the 1Q 2003 fell to IDR 56.7 billion from IDR 76.9 billion for the same quarter 2002. It blamed the drop on sharp f…

Indonesian safety glass manufacturer PT Asahimas Flat Glass said its net profits for the 1Q 2003 fell to IDR 56.7 billion from IDR 76.9 billion for the same quarter 2002. It blamed the drop on sharp falls in foreign exchange gains. The company said sales in the 1Q 2003 increased slightly to IDR 357.7 billion from IDR 350.2 billion in 1Q 2002 while operating profit was unchanged at IDR 76.8 billion as both production and operating costs increased in line with sales. The company recorded foreign exchange gains of IDR 3.4 billion against IDR 38. 9 billion for the 1Q 2002.