Indonesian Drug Firms Weather The Storm

June 2006 | Company Finance Alert

Despite the surging oil price and the abrupt devaluation of the Rupiah after August 2005, most pharmaceutical companies in Indonesia managed to close 2005 with healthy results. Eight drugmakers posted substantial earnings growth. According to local media sources, these eight firms posted an average increase of 9.64% in assets, 9.05% in net sales and 18.14% in net profit. However, state-owned dugmaker PT Kimia Farma recorded a 32.5% decrease in net profit in 2005, to IDR52bn (US$5.97mn). The company attributes its poor performance to a delay in sales of generic medicines to the government. A government order was reportedly received towards

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