JSP not to pay dividends for 1998<\/p>\n
JAKARTA (JP): Publicly listed PT Jakarta Setiabudi Property
\n(JSP), which suffered a net loss of Rp 196.6 billion last year,
\nwill not pay dividends for 1998, a company executive has said.<\/p>\n
JSP vice president director Purwo Hari Prawiro said on Friday
\nthat the company booked higher revenues last year, but fell into
\nthe red as the result of high spending on interest payments and
\nforeign exchange losses.<\/p>\n
The company recorded a 74.6 percent increase in revenues to
\nreach Rp 385.4 billion (US$4.5 million) in 1998, up from Rp 220.7
\nbillion in 1997, he said.<\/p>\n
\"But JSP still suffered a net loss of Rp 196.6 billion last
\nyear,\" Purwo said after the company's annual meeting of
\nshareholders.<\/p>\n
The company remained in the red in the first quarter of this
\nyear, with a net loss amounting to Rp 89.3 billion, he added.<\/p>\n
Purwo said that foreign loans remained a major headache for
\nthe company. The property company owes $40 million to Bank of
\nTokyo Mitsubishi and a further $22 million to a consortium of
\nlocal banks led by Bank Bali.<\/p>\n
He said JSP was expecting a debt rescheduling proposal to be
\napproved by creditors sometime this year.<\/p>\n
\"JSP has asked Bank of Tokyo Mitsubishi and a consortium of
\nlocal banks led by Bank Bali to defer debt repayments for five
\nyears. However, the debt rescheduling proposal has yet to be
\napproved due to a number of outstanding problems,\" Purwo said.<\/p>\n
He said Bank Bali and a consortium of four local banks -- Bank
\nPanin, Bank International Indonesia, Bank Universal and the now
\nliquidated Bank Umum Nasional -- had agreed in principle to
\nreschedule $22 million in outstanding debts.<\/p>\n
\"But it has not been given final approval because the
\nIndonesian Bank Restructuring Agency (IBRA), which now controls
\nBank Umum Nasional's assets, has not yet decided what to do with
\nthe loan,\" he said.<\/p>\n
Bank of Tokyo Mitsubishi is expected to decide on the matter
\nafter the general election in June, he added.<\/p>\n
JSP owns several office buildings and apartments in Jakarta,
\nincluding Kuningan and Setiabudi apartments. The company also
\nowns a number of hotels in Bali, including the Bali Hyatt,
\nParkroyal Sanur, Galeria Nusa Dua and Grand Hyatt Nusa Dua.<\/p>\n
PT Jan Darmadi Corporation holds an 87.28 percent stake in the
\ncompany, members of the general public hold 9.33 percent, Jan
\nDarmadi holds 2.39 percent, with cooperatives possessing the
\nremaining 1 percent. (cst)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jsp-not-to-pay-dividends-for-1998-1447893297",
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"sponsor": "Okusi Associates",
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