3rd March 1997
FIRST PACIFIC’S DARYA-VARIA’S 1996 NET PROFIT
ROSE 50 PER CENT TO Rupiahs 23.7 BILLION
First Pacific Company’s Indonesian flagship, P.T. Darya-Varia Laboratoria, announced today that 1996 consolidated net profit rose 49.6 per cent to Rp23.73 billion (US$10 million) from the previous year’s Rp15.86 billion (US$6.7 million), helped by recent acquisitions and improved cost efficiencies.
Operating profit increased 46.3 per cent to Rp48.33 billion (US$21 million) from the previous year’s 33.03 billion (US$14 million), while turnover rose 49.1 per cent to Rp203.24 billion (US$87 million) from Rp136.32 billion (US$58 million).
Delfin Warren, Darya-Varia’s Managing Director, said: "These excellent figures are a result of both improved cost efficiencies and increased turnover in our manufacturing and marketing operations, stemming in part from acquisitions. The 1996 figures include the results of PT Pradja-Pharin and PT Pradja Pharma Hoslab, which became 100 per cent subsidiaries of the Company, effective 1st January 1996. They also consolidate the operating results of PT Kenrose Indonesia, effective 1st September 1996, when it became a 90 per cent held subsidiary."
Basic earnings per share on a weighted average basis rose 39.4 per cent to Rp177 from the previous year’s Rp127. The debt-to-equity ratio for interest bearing loans reached 0.57:1 at year-end, compared with 0.54:1 a year earlier. The company’s net interest expense increased significantly during the year due to increased indebtedness to finance acquisitions.
Mr Warren concluded: "While Indonesia’s pharmaceutical industry is expected to remain highly competitive, demand will remain strong for ethical and over-the-counter drugs, helped by the continued strong national economy. Darya-Varia’s focus on consolidating its subsidiaries and integrating its distribution operations should position it well to benefit from this market’s considerable potential."
Appendix: Financial Data
For further information, please contact :
| Mr Delfin Warren Managing Director P. T. Darya-Varia Laboratoria | Tel: (6221) 797 4510 Fax: (6221) 797 4511 |
| Paul Wallace Group Financial Controller | Tel: (852) 2842 4225 |
| Robert Sherbin Group Vice President Corporate Communications | Tel: (852) 2842 4380 |
Company information can also be accessed on:
Internet: irasia.com/listco/hk/firstpac
E-mail: info@firstpac.com.hk
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