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)