26th April 1999
DARYA-VARIA'S FIRST QTR OPERATING PROFIT UP 57%, SALES UP 34%
First Pacific's Indonesian pharmaceuticals subsidiary, PT Darya-Varia Laboratoria announced today that its operating profit grew 57 per cent to 20.4 billion rupiah in the first quarter from a year earlier, helped by firm margins and tight control over operating expenses.
Sales increased 34 per cent to 82.0 billion rupiah and gross profit margins remained unchanged at 48 per cent, despite significant increases in the cost of imported raw materials which are an important component in Darya-Varia's manufacturing activities. Operating expenses increased by only 15 per cent to 19.1 billion rupiah.
However, the continued volatility of the rupiah led to unrealized foreign exchange losses of 9.9 billion rupiah. As a result, the company recorded a net loss of 1.3 billion rupiah, compared with a loss of 78.1 billion rupiah a year earlier.
Trade receivables remained under good control, and inventories fell by 28 per cent to 68.6 billion rupiah.
Darya-Varia's Chief Executive Officer Philip Townsend said: "Our new management team is making excellent progress in moving the company back to healthy profitability. Had it not been for unrealized foreign exchange losses, this would already have been achieved in the first quarter.
"The measures we are taking to restructure the company and its business are clearly already being reflected in our bottom line. We believe the company is well on its way to establishing a solid base on which our future growth plans can be built," he concluded.
For further information, please contact:
| PT Darya-Varia Laboratoria: | |
| Philip Townsend | Tel: (6221) 725 7972 |
| Director and Chief Executive Officer |
| Oscar Carag | Tel: (6221) 725 8005 |
| Director, Finance and Administration |
Web Site: http://www.darya-varia.com
| First Pacific Company Limited: | |
| Robert Sherbin | Tel: (852) 2842 4380 |
| Executive Vice President | |
| Group Corporate Communications |
Information about First Pacific can also be accessed on:
| Web Site: |
http://www.firstpacco.com http://www.irasia.com/listco/hk/firstpac |
E-mail: info@firstpac.com.hk |
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