Patra Jasa gears up for IPO<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Hotel and property company PT Patra Jasa is consolidating its
\nbusiness to help boost performance ahead a planned initial public
\noffering (IPO) in 2006.<\/p>\n
\"We have been restructuring and optimizing our business for
\nthe last two years in a bid to make the company a public
\ncompany,\" company president Tony Prabowo told a media briefing on
\nThursday.<\/p>\n
Tony said that Patra Jasa, which is a subsidiary of state oil
\nand gas company Pertamina, had been engaged in a restructuring
\nprocess since last year by developing and diversifying its
\nbusiness units.<\/p>\n
He added that three years would give enough time for the
\ncompany to consolidate its financial performance before launching
\nthe IPO.<\/p>\n
\"Although the company never suffers a loss, our financial
\nability has yet to support our business expansion,\" Tony said.<\/p>\n
In addition, the stock market authority rules out that a
\ncompany must not book losses in three consecutive years before an
\nIPO.<\/p>\n
Tristyanto W.M, Patra Jasa finance director said that before
\nthe Bali bombing in 2002 and the outbreak of Severe Acute
\nRespiratory Syndrome (SARS), the company was targeting a 5
\npercent to 10 percent increase in net profit.<\/p>\n
However, the company has revised downward its profit
\nprojection this year.<\/p>\n
\"The impact of SARS is significant for us,\" he said, declining
\nto give details on the revision.<\/p>\n
Last year the company made a profit of Rp 110 billion
\n(US$13.41 million).<\/p>\n
According to Tony, the restructuring plan includes improving
\nthe condition of its seven hotels in a bid to compete with other
\ninternational players in the hospitality industry.<\/p>\n
Patra Jasa plans to reopen its international hotel in Bali,
\ncalled Patra Bali, in September after undergoing a renovation
\nprogram worth Rp 170 billion.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/patra-jasa-gears-up-for-ipo-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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