SSI will remain in the red this year<\/p>\n
JAKARTA (JP): Publicly listed property and construction firm
\nPT Surya Semesta Internusa will remain in the red this year,
\ndespite a growth in sales, a senior executive of the company said
\non Tuesday.<\/p>\n
Surya Semesta president Johannes Suriadjaya said the company
\nexpected to increase its revenue to Rp 290.6 billion this year,
\nfrom Rp 285.6 billion.<\/p>\n
But, he said, the company would continue to suffer losses,
\nwhich were estimated at Rp 36.5 billion this year, compared with
\nRp 119 billion last year.<\/p>\n
Johannes attributed last year's losses to significant foreign
\nexchange losses and high interest payments as a result of the
\nrupiah's sharp depreciation aginst the dollar.<\/p>\n
He predicted the rupiah would continue to fall for the rest of
\nthe year due to political uncertainties, hampering the company's
\nefforts to book profits.<\/p>\n
\"In the first quarter of the year, the company posted a net
\nloss of Rp 16.8 billion, much less than the Rp 24 billion loss in
\nthe same period last year.<\/p>\n
\"This loss is despite the fact the company doubled its sales
\nto Rp 110.7 billion in the first quarter of the year from Rp 53.9
\nbillion one year ago,\" he stated, after the company's
\nshareholders' meeting.<\/p>\n
He said the company's affiliates accounted for Rp 12.8 billion
\nof the first-quarter loss.<\/p>\n
Foreign exchange losses reached Rp 2.6 billion in the first-
\nquarter period, while interest payments, which totaled Rp 7.8
\nbillion, also contributed to the company's losses in that period,
\nhe said.<\/p>\n
The Indonesian property market could grow slightly by 10
\npercent this year, if the political and economic situation
\nstabilizes, Johannes said.<\/p>\n
\"We're hoping to return to the black in 2003 at the latest,\"
\nhe said.<\/p>\n
Surya Semesta owns properties, including industrial estates,
\nhotels, office buildings and residential complexes, in Kerawang,
\nWest Java, Jakarta, Yogyakarta and Bali. Its major properties
\ninclude the Glodok Plaza electronics and computer goods center in
\nWest Jakarta, the Grand Melia Hotel in South Jakarta, and the
\nMelia Bali Villa and Spa Resort in Nusa Dua. (03)<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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