The Indonesian company PT Mulia Industrindo recorded a Rp 16 billion (US$ 6.66 million) net profit in the first quarter of 1997, down 36% from Rp 24.8 billion in the corresponding period last year. Mu…
The Indonesian company PT Mulia Industrindo recorded a Rp 16 billion (US$ 6.66 million) net profit in the first quarter of 1997, down 36% from Rp 24.8 billion in the corresponding period last year. Mulia said the fall in net profit was due to weak float glass prices which led to lower gross profit. But Mulia Industrindo“s net sales increased to Rp 128.4 billion in the first quarter of 1997, up 17% from the same period last year, and the firm said the increase was due to rises in the sales volume of ceramics, float glass and glass blocks. The company expects to record net sales of Rp 810 billion in 1997, up 56% from Rp 518.9 billion in 1996, and to post a net profit of Rp 162 billion in 1997, up 43% from Rp 113.4 billion in 1996. The firm said its sales should increase in the second half of 1997 with the launch of a new ceramic tile, and with greater flat glass production capacity. The company also said it expects to start production of automotive safety glass in the third quarter of 1997.