INGRESS Corp Bhd expects its two-year old Indonesian operations to break even this year and start contributing to its bottom line next year.

"Our Indonesian operations are doing well, the volume increment is beyond expectations," executive vice-chairman Rameli Musa said after the company's AGM in Kuala Lumpur yesterday.

He said any new additional orders would prompt the company to expand its Indonesian business.

RAMELI MUSA

Although the domestic market contributed more than half of its revenue at the moment, the focus would be on Indonesia and Thailand, from where possibly 50% of the revenue would come within a year or two, he added.

For the year to January 2005, Ingress Malaysian operations contributed 55% to the company's revenue, down from 63% a year earlier, while contributions from Thailand and Indonesia increased to 43% and 2%, from 37% and nil a year earlier.

Ingress has put in investments worth RM7 mil to RM8 mil, and RM23 mil in Indonesia and Thailand, respectively.

Locally, the success of the newly launched MyVi model, would be the key determinant of the performance for the year, as Ingress was getting RM1,000 revenue for every MyVi produced, Rameli said.

The company was running at nearly full capacity to produce parts for MyVi's door, accounting for 60% of its domestic revenue, he added.

As of the middle of last month, MyVi had received 33,000 bookings, he said.

Rameli said Ingress was not affected so much by the soon-to-be-announced national auto policy as the company was focused on the Asean market, but he said he expected the volume of each car model to be smaller in the future, thus the need for Ingress to change its production method to suit the trend.

Sales for the year to January 2005 stood at RM213.16 mil, against the preceding year's RM155.45 mil, while net profit rose to RM15.03 mil from RM11.68 mil - AFX -Asia.