FIRST PACIFIC COMPANY: Darya-Varia achieves strong growth in 1998 operating profit, despite net loss.

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M2 PRESSWIRE-25 February 1999-FIRST PACIFIC COMPANY: Darya-Varia achieves strong growth in 1998 operating profit, despite net loss (C)1994-99 M2 COMMUNICATIONS LTD RDATE:250299 First Pacific's Indonesian pharmaceuticals group, PT Darya-Varia Laboratoria, reported today that operating income climbed more than sevenfold last year to IDR55.1 billion, helped by a 46 per cent improvement in net sales to IDR288.1 billion, as strong headway was achieved in creating operational efficiencies.

Substantial foreign exchange losses and financing charges recorded in the first half, however, led to its net loss widening 44 per cent to IDR144.8 billion. The effect of these factors was mitigated in March when the company unwound its swap contracts before they matured,...