Sinar Mas's AFP suffers S$174m loss<\/p>\n
SINGAPORE (Dow Jones): Asia Food & Properties Ltd., a
\nSingapore-listed company run by Indonesia's financially troubled
\nSinar Mas Group, Friday announced a loss of S$174 million for the
\nyear ended Dec. 31, compared with a net profit of S$102.6 million
\na year ago.<\/p>\n
AFP's revenue totaled S$1.41 billion in 2000, up 1.5 percent
\nfrom S$1.39 billion a year ago. During this period, the company's
\nloss per share based on existing issued share capital was at 5.99
\nSingapore cents, compared with a net profit per share of 3.53
\nSingapore cents a year ago.<\/p>\n
AFP recorded a pretax loss of S$222.1 million after interest
\ncharges on borrowings of S$138.1 million, S$207.9 million for
\ndepreciation and amortization, foreign exchange losses of S$93.9
\nmillion and exceptional items of S$28.2 million, the company said
\nin a statement.<\/p>\n
AFP said the year ahead will be \"full of challenges in view of
\npolitical and economic developments within the region and
\nworldwide.\"<\/p>\n
In the immediate to medium term, AFP said it will try to
\nimprove its liquidity through selling some assets. The company
\nsaid that it will also look at opportunities to refinance its
\nshort-term debts.<\/p>\n
The management will also seek opportunities with strategic
\npartners and investors who can add value to the company and move
\nthe business forward, AFP said.<\/p>\n
AFP and Singapore-listed Golden Agri-Resources Ltd., both run
\nby Sinar Mas Group, postponed a media briefing that was scheduled
\nfor later Friday. A spokeswoman said the meeting will be held
\nlater at an as yet unspecified date. She declined to give a
\nreason for the delay.<\/p>\n
The media briefing was to have been chaired by Franky Widjaja,
\nchairman and chief executive officer of both companies. He is a
\nson of Sinar Mas founder Eka Tjipta Widjaja.<\/p>\n
The briefing postponement comes in the midst of efforts by the
\nWidjaja-controlled Asia Pulp and Paper Co. to restructure about
\nUS$12 billion in debt.<\/p>\n
New York-listed APP, headquartered in Singapore, earlier this
\nmonth said it is halting all payments of interest and principal.<\/p>\n
A series of legal actions from creditors seeking payments they
\nclaim are overdue have been filed against APP in the Singapore
\nHigh Court.<\/p>",
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