PT Bimantara suffers Rp 58.2 billion loss

PT Bimantara suffers Rp 58.2 billion loss

JAKARTA (JP): Listed holding company PT Bimantara Citra said
on Wednesday it had suffered a consolidated net loss of Rp 58.2
billion in the first quarter of this year, as compared to a net
loss of Rp 133.7 billion in the same period last year.

The company attributed the loss to large foreign exchange
losses, which were mostly contributed to by the holding's
telecommunications units PT Elektrindo Nusantara and PT
Komselindo.

Total foreign exchange losses reached Rp 82 billion in the
first quarter of this year, as compared to Rp 99 billion in the
same period in 1999.

Sales revenue in the first quarter rose to Rp 424.8 billion,
from Rp 333 billion in the previous year.

Operating profit also increased to Rp 71.1 billion from Rp
31.7 billion.

Bimantara Citra president Joseph Dharmabrata said the company
was still negotiating a US$39.6 million debt restructuring
agreement with its creditors.

"The Indonesian Bank Restructuring Agency (IBRA) represents
some $24 million of the above debts," Joseph said, adding that
Bimantara planned to sign a memorandum of understanding on debt
restructuring with IBRA on June 30.

Joseph declined to disclose Bimantara's current proposal on
debt restructuring to its creditors, but said a debt-to-equity-
swap-scheme was unlikely.

"Things are still tentative, we won't say anything about the
details of our proposed debt restructuring to the creditors," he
said.

But Bimantara will sell its non-core business units to focus
on the telecommunications, automotive and broadcasting business
units, he said.

"The sale of those assets will be in the coming months," he
said.

Bimantara Citra, which is controlled by former president
Soeharto's son Bambang Trihatmodjo, currently operates in the
media, broadcasting, telecommunications, infrastructure,
transportation, property and financial services businesses. (udi)