PT Mitra Investindo Tbk (MITI) has set a production target rise by 35%-45% to 1.9 million tons granite in 2011 from 1.2 million tons-1.3 million tons last year. The company has secured a contract of 250,000 tons granite for export market to Singapore.
Mitra Investindo Director Diah Pertiwi Gandhi, as quoted by Investor Daily, said besides the new contract, the sales of granite stone in the domestic and export markets is estimated to rise 20%-30% this year.
At end of last year, Mitra Investindo produced 1 million tons granite, below its target of 1.5 million tons. About 70% of its production was sold to the export markets and the remaining was for the local market. The company initiated to export granite to Singapore since January last year.
Disclosure: No position at the stock mentioned above.
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