Agro Lestari to pay off Rp 550b debt

JAKARTA: Indonesia's number one crude palm oil (CPO) producer PT Astra Agro Lestari has set aside Rp 550 billion (US$59.14 million) of its internal funds to pay for the principle and interest on its bonds due in March.

In a statement sent to the Jakarta Stock Exchange (JSX), the publicly-listed company said the funds were taken from about Rp 900 billion it had available from last year's revenue.

The funds had been kept as central bank promissory notes as well as time deposits, it further said.

Agro Lestari reported an increase of 20 percent in production in 2004 to 765,172 tons compared to the previous year. Average net CPO price in 2004 climbed 8 percent to Rp 3,710 per kilogram from Rp 3,421 per kilogram in 2003. Its year-long financial report for 2004 is still being audited. -- JP