Five state public works firms perform poorly

Five state public works firms perform poorly

JAKARTA (JP): Five of the 19 state enterprises under the
Ministry of Public Works are unhealthy and four are less healthy,
the ministry's secretary-general said yesterday

Ruslan Diwiryo said the five companies were categorized as
unhealthy on the basis of their audited 1995 financial reports.
They are PT Brantas Abipraya (contractor), PT Indra Karya
(consultancy), PT Virama Karya (consultancy), PT Sarana Karya
(asphalt buyer) and PT Amarta Karya (heavy equipment renter).

The less healthy firms are PT Hutama Karya (contractor), PT
Nindya Karya (contractor), PT Pembangunan Perumahan (property
developer) and PT Waskita Karya (property developer).

Diwiryo classified the 19 enterprises into four groups:
Unhealthy, less healthy, healthy and very healthy. Their
assessment was based on achievements compared to annual targets.

A major factor hobbling the companies' performance was the
payment of yen-denominated loans from the Overseas Economic
Cooperation Fund of Japan in U.S. dollars when the yen had
appreciated against the dollar, he said.

Amarta Karya and Indra Karya did not reach their break even
points in 1995, Diwiryo was quoted by Antara as saying.

He said that six companies were healthy: PT Adhi Karya
(contractor), PT Wijaya Karya (contractor), PT Bina Karya
(consultancy), PT Indah Karya (consultancy), PT Yodya Karya
(consultancy) and Perum Otorita Jatiluhur (Jatiluhur dam
manager).

PT Jasa Tirta (Brantas River manager), PT Istaka Karya
(contractor/consultancy), Perum Perumnas (property developer) and
PT Jasa Marga (toll road manager) were considered very healthy.

The ministry considers Jasa Marga to be its favorite profit
center.

Diwiryo said the 19 companies had a total revenue in 1995 of
Rp 4.7 trillion (US$1.9 billion) and a total profit of Rp 4.9
billion.

The companies' total revenue was estimated to increase to Rp
5.3 trillion for 1996 and total profit to Rp 5 billion, he said.

Their total assets, he said, were estimated to increase from
Rp 5.8 trillion in 1995 to Rp 6.9 trillion in 1996 and their
capital from Rp 1.98 trillion to Rp 2 trillion.

Diwiryo said the 19 companies' 1996 financial reports had not
been audited by the Government Development Finance Comptroller.
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