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Polychem Indonesia Tbk, PT

Description:

Macro economic condition in 2003 showed a significant improvement compared to the previous years, this improvement is showed by some macro economic indicators, such as strengthening and stability in Rupiah exchange rate at about Rp. 8.500/US$, inflation rate decreased to 5%, SBI rate decreased to 8.4% and the increase in national reserve to US$35.2 billion at the end of 2003.

The Improvement in macro economic side did not automatically improve the micro economic side, because the 4.7% Indonesia's economic growth in 2003 was mostly drove by consumption. General election expenditure and bank credit for property and cars. Ideally, the economics growth is driven by the investment, but unfortunately the investment can not be generated without short and long government's plan and renewal on many factors such as infrastructure, Law enforcement and elimination of corruptions.

Under given situation, in 2003 company had achieved a better performance compared to 2002. Consolidated sales increased by 4 % to Rp. 3,059 billion in 2003.

This increment was contributed by the increase in average selling price of MEG, Nylon TC as well as synthetic rubber by its subsidiaries Company.

Overall, 33% of the Company's sales was contributed by polyester product, 26 % by ethylene glycol product, 21% by tire cord product and the rest was contributed by its subsidiaries, 10 % from synthetic rubber.

The consolidated cost of good sold in 2003 has decreased by 0.1% to Rp 2,862 billion, compared to 2,865 billion in 2002. This decrement was due to the decrease in the value of material cost in Rupiah as a result of Rupiah?s exchange rate appreciation against US$.

The Company's consolidated gross profit in 2003 was Rp. 197 billion, a 177% increase compared to Rp 71 billion in 2002 . And in 2003 the Company's operational profit was Rp 4 billion, after recording an operational loss of Rp. 66 billion in 2002.

The Company's consolidated net profit in 2003 was Rp. 798 billion, a lower figure compared to Rp. 2,080 billion in 2002, this was due to the fact that most of the company's debt structuring profit was recorded in 2002 and the rest of it was settled and booked in 2003.

However, the Company is optimistic to be able to maintain and even improve its operational performance in line with the better condition in its financial performance as a result of the debt restructuring which had been completed entirely in 2003.

Finally, we would like to take this opportunity to express our gratitude to our staffs, business partners, creditors and shareholders for the support they have provided. We believe that their continuing support will become a strong foundation for the Company's future. (http://www.polychemindo.com/)

Security: ADMG
Address: Jl.Daan Mogot km 12 Batu Ceper,Desa Poris Plawad Kecamatan Cipondoh Kotamadya Tangerang
Phone: (021) 221 2896
Fax: (021) 552 5099
Website: http://www.polychemindo.com/ Major Industry: Chemicals
Exchanges: JAK Sub Industry: Rubber & Tire Mfrs.
Currency: Indonesian Rupiahs Employees: 1,480
Fiscal Yr Ends: December Market Cap: 696,163,141,061 (IDR)
Share Type: Ordinary Share Outstanding: 3,889,179,559
Country INDONESIA Closely Held Shares: 3,182,210,048
Established Listing: 20th Oct 1993
Closing Price: 179 (IDR) Data As Of: 30th Oct 2014