JAKARTA: PT Fajar Surya Wisesa Tbk, a packaging paper manufacturer, booked a 23.9% increase in sales in the first half after it raised its production capacity.Sales rose to IDR2.07 trillion in the January-June period, from IDR1.67 trillion a year earlier.The company raised its output to 1 million tons a year, from 700,000 tons previously, said Director Hadi Rebowo told Bisnis. We have had higher capacity since December 2010, when the no. 5 plant machinery started to operate.The first half sales is 48% of the total targeted sales for 2011 which is at IDR4.3 trillion.The company targets to increase the ratio of its earnings before interest, taxes, depreciation, and amortization (EBITDA) to total sales to 18%-20% this year.In IQ/2011, Fajar Surya booked IDR1 trillion sales or 20.5% higher than IDR830.51 billion in IQ/2010.Net profit slipped by 4% to IDR106.12 billion from IDR110.52 billion.Higher costsThe narrower net profit was due to the higher costs of goods sold, which increased by 30.8% to IDR847.60 billion. The company set US$60 million as its capital expenditure. The fund was taken from loan facility and internal cash.The fund will be used to modify the no. 7 plant machinery and to install 2 incinerators. To modify the machinery, the company has to spend around US$40 million.The company has previously sealed an export credit loan agreement worth 21 million euro with Export Credit Agencies from Austria and Finland. (t05/msw)

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