{
    "success": true,
    "data": {
        "id": 1401869,
        "msgid": "anwar-sierad-expects-another-big-forex-loss-1447893297",
        "date": "1998-08-14 00:00:00",
        "title": "Anwar Sierad expects another big forex loss",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Anwar Sierad expects another big forex loss JAKARTA (JP): PT Anwar Sierad expects another big foreign exchange loss this year since foreign bankers have yet to agree to reschedule its foreign debts, the company's top executive said here yesterday. Anwar Sierad president Budiardjo Tek said he had asked the creditors to roll over the company's US$120 million debt but that no decision had been made.",
        "content": "<p>Anwar Sierad expects another big forex loss<\/p>\n<p>JAKARTA (JP): PT Anwar Sierad expects another big foreign<br>\nexchange loss this year since foreign bankers have yet to agree<br>\nto reschedule its foreign debts, the company's top executive said<br>\nhere yesterday.<\/p>\n<p>Anwar Sierad president Budiardjo Tek said he had asked the<br>\ncreditors to roll over the company's US$120 million debt but that<br>\nno decision had been made.<\/p>\n<p>\"The debt negotiation is underway and we expect the decision<br>\nto be made by the end of the year,\" he told journalists, adding<br>\nthat he was optimistic the creditors would agree to a<br>\nrescheduling.<\/p>\n<p>Budiardjo said his company, which booked a foreign exchange<br>\nloss of Rp 613 billion last year due to large foreign debts,<br>\npreferred to negotiate with its creditors bilaterally rather than<br>\nthrough the government-sponsored Indonesian Debt Restructuring<br>\nAgency (INDRA).<\/p>\n<p>\"The company is expected to record a huge foreign exchange<br>\nloss again this year,\" he told reporters after a shareholders<br>\nmeeting here yesterday.<\/p>\n<p>Anwar Sierad recorded a total net loss of Rp 549 billion last<br>\nyear due to huge foreign exchange liabilities.<\/p>\n<p>\"The rupiah's collapse, which led to the country's worst ever<br>\neconomic crisis, is a big blow to Anwar Sierad,\" Budiardjo said.<\/p>\n<p>The rupiah's 80 percent fall against the U.S. dollar has<br>\ncaused dollar-denominated debts of most companies in Indonesia to<br>\nincrease by more than 300 percent in rupiah terms, bringing many<br>\nto the brink of collapse.<\/p>\n<p>Anwar Sierad plans to divest from some of its unproductive<br>\nsubsidiaries to raise fresh funds and improve the company's<br>\nfinancial performance.<\/p>\n<p>Budiardjo said company subsidiary PT Sierad Produce, a chicken<br>\nslaughterhouse and meat processing firm, also reported a net loss<br>\nof Rp 614.43 billion, including foreign exchange losses totaling<br>\nRp 516.64 billion.<\/p>\n<p>\"We cannot expect the company to perform well while our<br>\neconomy continues to deteriorate,\" the company's chief<br>\ncommissioner, Fadel Muhammad, said. (aly)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/anwar-sierad-expects-another-big-forex-loss-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}