Barito Pacific returns to black

JAKARTA: Timber company PT Barito Pacific Timber announced on Wednesday that it enjoyed a net profit of Rp 244 billion (US$27.41 million) in 2002 after a loss of Rp 1.5 trillion in 2001.

In a report to the Jakarta Stock Exchange, the company said gross operating losses declined to Rp 421 billion from Rp 1.25 trillion in the previous year.

The company, which is controlled by timber tycoon Prajogo Pangestu, also reported that its assets declined to Rp 6 trillion from Rp 5.5 trillion.

The company did not provide any further details. -- JP