JAKARTA: State-owned telecommunication firm PT Telekomunikasi

JAKARTA: State-owned telecommunication firm PT Telekomunikasi Indonesia (Telkom) said on Wednesday it is planning to refinance its foreign debt in an effort to reduce foreign exchange losses due to the fluctuation of the rupiah against the dollar.

"We are now seeking loans from both foreign or local banks to refinance our total US$800 million debt," Telkom's finance director Rinaldi Firmansyah told reporters.

At end-June, Telkom's net profit fell 19 percent on year due mostly to foreign exchange losses. During the first half of this year, Telkom booked Rp 869.81 billion (Rp 97 million) in foreign exchange losses due to the weaker rupiah.

Telkom's short-term liabilities as of June 30 were $160 million, while the remaining $640 million was long-term debt.

He said Telkom is also planning to accelerate the repayment of the debt. -- DJ