Sinar Mas's AFP suffers S$174m loss
Sinar Mas's AFP suffers S$174m loss
SINGAPORE (Dow Jones): Asia Food & Properties Ltd., a Singapore-listed company run by Indonesia's financially troubled Sinar Mas Group, Friday announced a loss of S$174 million for the year ended Dec. 31, compared with a net profit of S$102.6 million a year ago.
AFP's revenue totaled S$1.41 billion in 2000, up 1.5 percent from S$1.39 billion a year ago. During this period, the company's loss per share based on existing issued share capital was at 5.99 Singapore cents, compared with a net profit per share of 3.53 Singapore cents a year ago.
AFP recorded a pretax loss of S$222.1 million after interest charges on borrowings of S$138.1 million, S$207.9 million for depreciation and amortization, foreign exchange losses of S$93.9 million and exceptional items of S$28.2 million, the company said in a statement.
AFP said the year ahead will be "full of challenges in view of political and economic developments within the region and worldwide."
In the immediate to medium term, AFP said it will try to improve its liquidity through selling some assets. The company said that it will also look at opportunities to refinance its short-term debts.
The management will also seek opportunities with strategic partners and investors who can add value to the company and move the business forward, AFP said.
AFP and Singapore-listed Golden Agri-Resources Ltd., both run by Sinar Mas Group, postponed a media briefing that was scheduled for later Friday. A spokeswoman said the meeting will be held later at an as yet unspecified date. She declined to give a reason for the delay.
The media briefing was to have been chaired by Franky Widjaja, chairman and chief executive officer of both companies. He is a son of Sinar Mas founder Eka Tjipta Widjaja.
The briefing postponement comes in the midst of efforts by the Widjaja-controlled Asia Pulp and Paper Co. to restructure about US$12 billion in debt.
New York-listed APP, headquartered in Singapore, earlier this month said it is halting all payments of interest and principal.
A series of legal actions from creditors seeking payments they claim are overdue have been filed against APP in the Singapore High Court.