Polysindo improved

Integrated polyester producer PT Polysindo Eka Perkasa Tbk reported operating loss of Rp119.5 billion in the first half 2009, improved from net loss of Rp197 billion in the same period last year.

Polysindo, producer of purified therephthalic acid and polyester fibers, reported net sales revenue of Rp1.758 trillion or about US$175 million in H1 2009, declined 16% from H1 2008. Meanwhile its cost of goods sold declined from Rp2.16 trillion to Rp1.74 trillion, resulting in a loss of Rp15.46 billion against Rp60 billion in H1 2008.

Polysindo, initially controlled by Marimutu Sinivasan, also reported lower operating expenses, which cut its operating loss accordingly.

Polysindo gained Rp747 billion from foreign exchange translation and as a result, the company reported net profit of Rp613 billion. The company is struggling to restructure its debts of over US$1 billion. The company had current liabilities of Rp12.5 trillion or about US$1.25 billion, while its current asset was only Rp1.5 trillion. Still, the company managed to collect more cash at Rp104 billion in June 2009 against Rp48 billion in June 2008.

State-owned PT Perusahaan Pengelola Aset (PPA) is the current majority shareholder of the company. 

READ MORE!!!