Bimantara's losses narrow

JAKARTA (JP): Publicly listed PT Bimantara Citra booked a net loss of Rp 218.41 billion (US$27.26 million) in 1999, compared with a net loss of Rp 270.54 billion the previous year, according to the company's end-of-year audited financial report.

The business group, which operates in media and broadcasting, transportation and automotive, chemicals, property and financial services -- also reported a drop in sales to Rp 1.40 trillion last year from Rp 1.52 trillion in 1998.

The company, however, managed to reduce its long term debt to Rp 1.66 trillion in 1999 from Rp 2.13 trillion of the previous year.

The company also said it booked a foreign exchange gain of Rp 105.72 billion in 1999, compared to a Rp 157.85 billion in forex losses the previous year.

The government in 1998 issued a ruling which allowed companies to amortize their foreign exchange loss in order to help some corporations partially defer their large overseas debt overhang. (udi)