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)