Texmaco, Polysindo post losses<\/p>\n
JAKARTA (JP): Widely diversified Texmaco Group announced on
\nMonday a net loss of Rp 1.749 trillion for its publicly listed
\ntextile manufacturing unit PT Polysindo Eka Perkasa in 1998.<\/p>\n
Texmaco said in a statement the massive loss was primarily on
\naccount of unrealized foreign exchange losses and an increased
\ninterest burden.<\/p>\n
\"The company's financial results were severely affected by the
\nsharp depreciation of the rupiah and the general downturn in the
\nindustry,\" Texmaco said.<\/p>\n
Company sales increased to Rp 3.63 trillion last year, from Rp
\n2.176 trillion in 1997.<\/p>\n
Company direct exports amounted to US$184 million in value in
\n1998, accounting for 50 percent of the net sales.<\/p>\n
Texmaco also said its publicly listed machinery manufacturing
\nunit, Texmaco Perkasa Engineering, recorded a net loss of Rp
\n106.77 billion in 1998 against a net profit of Rp 18.9 billion in
\nthe previous year, despite an operating profit of Rp 320.46
\nbillion last year.<\/p>\n
Texmaco also blamed the loss on the rupiah's depreciation and
\nhigh interest burdens.<\/p>\n
Texmaco Perkasa recorded a turnover of Rp 732.8 billion in
\n1998, up from Rp 559.7 billion in the previous year.<\/p>\n
Texmaco Perkasa exports reached $23.8 million in 1998, Texmaco
\nsaid.(jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/texmaco-polysindo-post-losses-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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