Bakrie reports rise in sales

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)