BCA reports lower net profit<\/p>\n
JAKARTA: Bank Central Asia (BCA), one of Indonesia's leading
\nbanks, said Tuesday its audited consolidated net profit fell 19
\npercent on year to Rp 2.54 trillion in 2002, dragged by a higher
\ndeferred income tax.<\/p>\n
Deferred income tax soared to Rp 850.1 billion in 2002 from
\nRp 35.1 billion in 2001, but BCA didn't give a reason for the
\nincrease.<\/p>\n
On operating level, BCA's performance improved in 2002. Its
\nnet interest income rose to Rp 5.46 trillion from Rp 5.12
\ntrillion a year earlier, which drove operating profit 7.7 percent
\nhigher on year to Rp 3.36 trillion.<\/p>\n
The bank's capital adequacy ratio, which is the comparison
\nbetween equity capital and loans, stood at 32.19 percent on Dec.
\n31, versus 32.64 percent a year earlier.<\/p>\n
Its non-performing loans were 3.47 percent of total loans as
\nthe end of last year, a slight increase from 3.15 percent a year
\nbefore.<\/p>\n
Farindo Investment (Mauritius) Ltd. holds a 52.4 percent stake
\nin BCA, while the Indonesian government owns 8.56 percent. Its
\nfounder, the Salim Group, has 5.07 percent, and public investors
\nown the rest. -- Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-AstraAgro-nonCPO
\nAstra Agro to sell non-CPO units
\nJP\/14\/brief<\/p>\n
Astra Agro to sell non-CPO units<\/p>\n
JAKARTA: Indonesian crude palm oil producer PT Astra Agro
\nLestari said Tuesday it expects to finish the sale of its non-
\ncrude palm oil units by the end of the third quarter of this
\nyear.<\/p>\n
\"We want to finish the sale of the cocoa, tea and rubber units
\nby the third quarter of this year,\" Astra Agro's vice president
\ndirector, Benny Tjoeng, told Dow Jones Newswires.<\/p>\n
Astra Agro has 12 such units in Java, Sumatra and Kalimantan
\nislands.<\/p>\n
Tjoeng said the total size of the plantations for sale is
\naround 24,000 hectares. The plan to sell its units is aimed at
\nfocusing on its core business, the crude palm oil industry, he
\nadded.<\/p>\n
He declined to reveal how much money Astra Agro will raise
\nfrom the sales.<\/p>\n
The daily Tempo newspaper Tuesday quoted Astra Agro director
\nJuliani Eliza Syaftari as saying the company would likely raise
\nup to US$35 million from the sales.<\/p>\n
Astra Agro is 63.9 percent owned by Indonesian auto group PT
\nAstra International.<\/p>\n
Late last year, the car manufacturer said it had signed an
\n$850 million debt-restructuring deal with its creditors, which
\nincluded the sale of assets such as its stake in the plantations
\ngroup. However, the parent company later said it doesn't plan to
\nsell its shareholding in Astra Agro, which it considers to be a
\nvaluable asset. -- Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-Wahaha-global
\nWahaha to become global player
\nJP\/14\/brief<\/p>\n
Wahaha to become global player<\/p>\n
BEIJING: Hangzhou Wahaha Group Co., China's largest beverage
\ncompany, wants to become a consumer goods company of global scale
\nby expanding its brand into new areas such as children's clothing
\nand personal-care products.<\/p>\n
In a meeting with reporters at the weekend, company Chairman
\nZong Qinghou laid out the company's plan to become a diversified
\nconsumer goods multinational. He said Wahaha is also planning to
\nopen drinks factories in Indonesia and Thailand, probably next
\nyear.<\/p>\n
\"I want to make this company big and strong, and I see that
\nthe big companies in the world all have diversified operations,\"
\nZong said.<\/p>\n
\"This year our main goals are to continue to expand our
\nbeverage products, and to do well in children's clothing,\" he
\nsaid. \"In the second half of the year, we will develop some new
\ntypes of daily-use products, such as shampoo.\"<\/p>\n
He defended the plan to expand beyond the company's core
\nbeverage business, arguing that \"for fast-moving consumer goods,
\nthe sales channels and sales methods are all pretty much the
\nsame.\"<\/p>\n
\"There still isn't a strong brand of children's clothing in
\nChina,\" Zong said, nothing that while China is a major maker and
\nexporter of textiles and clothing, most of that is done under
\ncontract for foreign companies. -- Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nCorporateBrief-SKGroup-fraud
\nSK Group executives indicted
\nJP\/14\/brief<\/p>\n
SK Group executives indicted<\/p>\n
SEOUL: South Korean prosecutors on Tuesday indicted SK Group
\nowner Chey Tae-Won and nine top executives of the country's third
\nlargest conglomerate on charges of accounting fraud and other
\nbusiness irregularities.<\/p>\n
The group was accused of manipulating accounts to inflate
\nearnings of its trading arm SK Global by 1.56 trillion won
\n(US$1.26 billion) in 2001, the Seoul district prosecutor's office
\nannounced.<\/p>\n
The formal indictment followed the arrests last month of Chey
\nand SK Group restructuring team chief Kim Chang-Keun as
\nprosecutors launched an investigation into allegations of illegal
\nstock trading and other wrongdoing.<\/p>\n
Eight other senior SK Group officials, including group
\nchairman Son Kil-Seung, were indicted Tuesday but were not
\ndetained.<\/p>\n
Chey, the 42-year-old eldest son of the group's founding
\nfamily, was initially held during the course of the illegal stock
\ntrading investigation. -- AFP<\/p>",
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