Sekar exports soar on IDR depreciation

Sekar exports soar on IDR depreciation

SURABAYA (JP): The Sekar Group has announced that exports by
its two listed firms -- Sekar Bumi and Sekar Laut -- increased to
Rp 101.12 billion (US$13.5 million) during the first quarter of
this year, compared with Rp 26.68 billion for the same period
last year.

Harry Lukminto, president of Sekar Bumi and commissioner for
Sekar Laut, said the two firms were surviving the current crisis
because they exported most of their products.

"We are export oriented and depend only on domestic raw
materials," Haryy said.

Sekar Bumi exports processed shrimps, mainly peeled raw
shrimps and cooked shrimps. The company's products have obtained
"green ticket" certificates from the U.S. Food and Drug
Administration.

Sekar Laut exports traditional crackers, known locally as
krupuk, noodles, confectionery and dried marine products.

Harry noted that Sekar Laut was currently the biggest producer
of krupuk in the world, with annual production of 40 tons, 80
percent of which is exported to 22 countries.

The main raw materials are shrimps and tapioca. The shrimps
come from East, Central and West Java, South Sulawesi and
Kalimantan, while the tapioca flour is purchased from farmers in
the vicinity of the factory.

In September 1996 Sekar Laut received a US$30 million in
syndicated loans from a group of foreign and domestic banks,
including state-owned Bank Negara Indonesia (BNI).

BNI executive Agus Darjanto said the bank continued its
support the Sekar Group because it had been a customer for 30
years and fulfilled all the criteria required by banking system.

The Surabaya-based Sekar Group consists of 30 companies. (26)