Indocement reports loss

JAKARTA (JP): The publicly listed cement maker PT Indocement Tunggal Perkasa announced a net loss of Rp 378 billion (US$47.25 million) in 1997 yesterday. The deficit was due to foreign exchange losses of Rp 1.47 trillion over the same period.

The company said in a statement that it had used a rupiah-U.S. dollar exchange rate of Rp 5,300 to determine the size of its foreign exchange losses.

"Had the company used the alternative year end exchange rate of 4,650 to the American dollar, the net loss would have been reduced by Rp 350 billion to Rp 73 billion,' the statement said.

The company recorded a total net profit of Rp 551.48 billion in 1996.

However, the statement said that the company recorded an increase in income to Rp 1.09 trillion in 1997, up from Rp 652 billion in 1996, before taking the extraordinary foreign exchange losses into account.

The statement said that income before the extraordinary item included a gain of Rp 933 billion resulting from the disposal of discontinued operations. (aly)