PAPER and pulp company United Fiber Systems (Unifiber) yesterday announced a marginal drop of one per cent in its FY2005 after-tax profit to $762,000, despite a 2 per cent rise in turnover to $94.5 million.

　　Profit from operations actually climbed 16 per cent year-on-year to $9.71 million, but this was offset by a jump in finance costs from $1.79 million to $4.55 million. Borrowings rose from $40.6 million in FY 2004 to $83.3 million.

　　Unifiber said revenue in FY2005 was driven by pulp sales of $25.3 million from the operational management arrangement entered with PT Kiani Kertas, but was partially offset by a drop in income from construction projects and property development.

　　Construction projects brought in $10.5 million less than the previous year, due to lower progress billings recognised on existing projects.

　　Property development income fell by $12.5 million due to full recognition of sales at Alessandrea being made in prior years and sales of residential units at The Mornington being of lower value.

　　Unifiber's shares lost 1.5 cents to close at $0.29.

《The Business Times》