Bimantara's losses narrow

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)