Bakrie Finance 3Q losses up

Bakrie Finance 3Q losses up

JAKARTA (JP): Publicly listed PT Bakrie Finance Corporation
said on Thursday that its third quarter losses for this year
surged to Rp 230.50 billion (US$24.51 million at the current
exchange rate), almost three times its losses of Rp 66.61 billion
in the same period last year.

Bakrie's third quarter financial report revealed that a drop
in sales and higher operation costs had caused its losses to
swell this year.

During that period, sales dropped to Rp 166.21 billion from Rp
222.79 billion last year, while operation costs surged to Rp
406.03 billion from Rp 288.3 billion.

The report recorded a steep plunge in the company's bank
interest revenue, which fell to Rp 11.93 billion from Rp 82.99
billion last year.

Bakrie Finance is currently seeking a debt-to-equity swap deal
with creditors to settle its debts of Rp 1.6 trillion. (bkm)