Pasifik Satelit reduces net loss

JAKARTA (JP): Indonesia's first private telecommunications operator PT Pasifik Satelit Nusantara (PSN) posted a US$474,692 net loss last year, down from $4.62 million in 1995.

The company, which is listed on the U.S. Nasdaq exchange, said total revenues was $11.76 million in 1996, five times 1995's $2.24 million.

PSN's operating profit rose 400 percent to $6.14 from $1.15 million in 1995.

PSN is a joint venture between overseas and local firms, including state-owned PT Telkom. Other shareholders are Bimantara Group subsidiary PT Elektrindo Nusantara, PT Primaupaya Lintaswara, PT Skaisnetindo Teknotama and PT Multi Prima Abadi.

PSN was set up in 1991 and provides satellite-based communication services in the Asia-Pacific region using the two Palapa-C satellites' 12 extended C-band transponders. PT Satelindo operates the satellites.

The result is equal to a net loss of $0.01 a share based on 70,491,549 weighted average shares outstanding under generally accepted accounting principles in Indonesia.

"Net loss per American Depository Share is $0.03. Each ADS represents three shares of PSN's common stock."

"The figures take into account PSN's share ($948,003) of the loss incurred by PT ACeS which is one third owned by PSN."

The Jakarta-based ACeS, equally owned by PSN, the Philippines' PLDT and Thailand's Jasmine International Public Co Ltd, will offer mobile satellite-based cellular telecommunications.

PSN's revenue from leasing the Palapa-C1 satellite transponders was the mainstay of the company's income. Transponder leasing revenue rose sixfold to $11.64 million from $1.82 million.

The company, which also operates a teleport facility in Batam, Riau, has commissioned and procured the patent pending the Multi- Media Asia (M2A), a satellite-based telecommunications infrastructure that will provide multimedia digital telecommunications services directly to small fixed antennas or end-users in Asia.

The $350 million satellite, prepared by Space System/Loral of the U.S., is scheduled to be launched by the first quarter of 1999, and operational by the middle of that year.

PSN's president, Adi R. Adiwoso, said PSN would set up a new company to operate the M2A satellite.

He said the new company, to be called PT Multi Media Asia, would be 80 percent owned by PSN and 20 percent owned by PT Indosat.

Indosat said Thursday it had allocated $20 million to buy 20 percent of the M2A project.

"I expect more domestic firms to join the project," Adiwoso said. (icn)