Bakrie reports rise in sales

JAKARTA (JP): The widely diversified PT Bakrie & Brothers announced on Monday a 1.6 percent increase in sales to Rp 685.7 billion (about US$90 million) in the first quarter ending March 31, from Rp 674.6 billion in the same period last year.

The company, however, said it suffered a loss of Rp I4.7 billion in the three-month period, compared to a net profit of Rp 180.4 billion in the same period of 1998.

The company's president Irwan Sjarkawi said in a statement the loss was mainly due to foreign exchange losses which widened to Rp 494.7 billion during the period, from foreign exchange profit of Rp 154.4 billion in the corresponding period last year.

Irwan said the company's operating profit was down to Rp 2.7 billion in the Jan. to March period, from 63.5 billion in the same period of 1998.

Bakrie & Brothers has 28 subsidiaries involved in telecommunications, infrastructure support, agricultural businesses and strategic investment.

The company said last month it was in the progress of restructuring its debts through debt-to-equity-swap schemes, in which the Bakrie family, the majority shareholders would relinquish parts of their ownership in the company to the company's foreign lenders.(gis)