12/19/2014

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INDONESIA: Plastics maker Impack Pratama forecasts slower profit growth in 2015

"We're targeting a range of 10 percent to 15 % growth for sales and 10 % for net income,” said Lindawati, a director at Impack Pratama Industri, during a press conference in Jakarta on 17 Dec. 2014.Impack Pratama's profit jumped almost 60 % to Rp 121 billion (USD 9.5 million) in the first half of the year, compared to Rp 76.4 billion in the same period in 2013. Revenue rose 27 percent to Rp 696 billion.

The company forecasts as much as Rp 290 billion in net income this year, which would reflect a 57 % increase from 2013, Lindawati said, adding that revenue is forecast to grow 11 percent to Rp 1.38 trillion.

Jakarta-based Impack Pratama Industri first started operations in 1982, when it manufactured products ranging from roofing to building façades.

The company primarily serves the domestic market. Around 30 % of its sales are from exports.

The company recently went public, offering 150 million of its shares - or 31.04 % of its equity - at Rp 3,800 apiece. Ciptadana Securities served as the underwriter.

Its shares - which trade under the ticker symbol IMPC - closed at Rp 5,700 each on 17 Dec. 2014, up 50 % from the offering price, on the Indonesia Stock Exchange.

"The listing is the first step for Impack Pratama Industri to become a better and more professional company, so that the company can later contribute more to the Indonesian people,” said Haryanto Tjiptohardijo, the company's president director, in a statement.

He said that Impack Pratama is planning to use around 36 % of the funds from its initial public offering to buy more land to expand its plant in Bekasi, West Java. It will use 24 % of the proceeds to expand the plant of its subsidiary, Unipack Plasindo.

The remaining amount will be allocated as working capital, which includes buying raw materials.

Source: Daily "The Jakarta Globe", Jakarta; 17 Dec 2014
(Syed Rashid Ali, Karachi, Pakistan)

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