Lippo Land still books loss

JAKARTA (JP): Listed property developer PT Lippo Land Development said on Monday that it suffered a net loss of Rp 51.5 billion (about US$6.4 million) in 1999.

Lippo Land's net loss per share narrowed to Rp 104 from Rp 974.

The company attributed the loss to the high burden of financial costs.

The company's total revenue dropped to Rp 601 million last year from Rp 11.28 billion in 1999 as the property market slump continued during the year.

The company's total assets fell to Rp 639.45 billion last year from Rp 736.19 billion in 1998, while its net equity dropped to 25.67 billion from Rp 70.33 billion. (udi)