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)