Setiabudi reports losses

JAKARTA (JP): Publicly listed PT Jakarta Setiabudi Property (JSP) suffered a net loss of Rp 148.05 billion (US$17.8 million) in the first semester of 2000 compared to a net profit of Rp 125.6 billion in the same period last year in spite of higher revenue.

Revenue during the six months amounted to Rp 169.3 billion, up from Rp 165.4 billion a year earlier, largely from the hotels it operates.

The 22.54 percent depreciation of the rupiah between the end of December and June -- Rp 7,100 to Rp 8,700 to the dollar -- turned JSP's operating profit into an overall net loss, the company said in a statement.

The rupiah depreciation led to nonoperating costs of Rp 201.3 billion compared to a nonoperating income of Rp 104.6 billion a year earlier.

Finance director Sani Kristani told reporters that in spite of the first semester loss, the company's cash flow remained healthy thanks to the contribution from its four hotel operations -- three in Bali and one in Jakarta.

The Grand Hyatt Bali, the Bali Hyatt, the Raddin Sanur (Bali) and the Raddin Ancol (Jakarta) together contributed almost 80 percent of JSP's overall revenue in the first six months. (02)