Sona Topas does not distribute divident

BI/bursa

06/04/2010

Irvin Avriano A.

Bisnis Indonesia

Sona Topas does not distribute divident

JAKARTA: PT Sona Topas Tourism Industry Tbk, a domestic and international foreign travel services company, does not distribute dividends to their shareholders from net income that booked amounted to IDR26,67 billion last year.

In a company press release published today, Sona Topas President Director Wong Budi Setiawan said the company will use its net profit for the company and its retained earnings reserve fund.

"Everything will be used for strengthening the capitalization structure of the company," he said Friday.

The Company recorded a net profit that increased by 20.29% from the previous year at IDR22.17 billion. The net income is generated from the revenue that booked in 2009 amounted to IDR478.22 billion. The revenue was reduced by 6.62% compared with the previous year which recorded worth IDR512.16 billion.

Decrease in their income in 2009 from 2008 is not reflected in the net profits of which increased due foreign exchange gains recorded IDR4.48 billion last year. Income was inversely related to foreign exchange losses booked in 2008 amounted to IDR13.66 billion.

The usage of net income is one of the company's agenda at the general meeting of shareholders (AGM) held in Friday.

In that meeting the company and its shareholders decided to legitimate the company's president commissioner Jonathan Tahir, from which formerly held by Agus Aryanto Mulyo. Agus Aryanto later served as deputy president commissioner. The company also appointed a new director, Freddy Soerjandy.

The company also informed its shareholder that their subsidiary, PT Inti Dufree Promosindo, will invest in PT Sejahtera Alam Property as much as 49% stake in that company.

Inti Dufree is a duty-free shop and space tenancy company that start to operate in 1991 and have a subsidiary, PT Arthamulia Indah. Inti Dufree already have a cooperation agreement with Duty Free Shoppers, a leading network for duty-free stores in the world.

Sona Topas itself is formed in 1979 and listed in the capital market in 1992.

Sona Topas President Director Wong Budi Setiawan can not reached in his office to confirm the press release.

Earlier this year the company posted a net profit IDR10.76 billion in the 1st quarter/2010, an increase of 155.78% compared with same period last year that booked as much as IDR4.34 billion.

In the same period, the emitter revenues decreased by 16.36% from IDR132.54 billion in the 1st quarter/2009 to IDR110.84 billion in the first quarter of this year.

The company's shares whose coded SONA closed stagnant at IDR1.600 level in this weekend.