Pokphand writes off RI assets

Pokphand writes off RI assets

HONG KONG (Reuters): C.P. Pokphand Co. Ltd. said it had
decided to completely write down its assets in Indonesia to zero
due to political uncertainty in the country, resulting in a
provision of US$20.7 million in its 1997 results.

"Our decision to write down our Indonesia assets during the
last financial year represents prudent management as it means
that there is no future impact on the company from the current
political turmoil there," C.P. Pokphand president Surnet
Jiaravanon said in a statement.

The company reported on Thursday a 1997 net loss of $107.3
million compared with profit of $7.08 million in 1996.

C.P. Pokphand said 70 percent-owned industrial unit Ek Chor
China Motorcycle Co. Ltd. reported a 1997 net loss of 442.7
million yuan (US$53.5 million). Both Shanghai-Ek Chor Motorcycle
Co. Ltd. and Luoyang Northern Ek Chor Motorcycle Co. Ltd. posted
losses last year.