State-owned Jasa Marga's debts reach Rp 1 trillion

JAKARTA (JP): State-owned toll road operator PT Jasa Marga's debts reached a total of Rp 1 trillion (US$424 million) in fiscal year 1995/1996, said a senior official.

Minister of Public Works Radinal Moochtar said last week Jasa Marga's debts were the largest among the state firms overseen by his ministry.

He said in a hearing with the House Budgetary Commission that total debts of the 19 state companies under his ministry amounted to Rp 3.12 trillion at the end of fiscal year 1995/1996 last March.

Their pretax profits amounted to Rp 401.5 billion in the same period, he said, adding that their total assets were Rp 7.1 trillion.

With a Rp 1 trillion debt, Jasa Marga stood as the largest borrower, but it gained the largest profit of Rp 265 billion.

"All the company's debts came from domestic creditors," he said.

Jasa Marga's revenues amounted to Rp 445 billion in 1995/1996, with total assets of Rp 1.7 trillion. The total revenues of the 19 companies overseen by the ministry were Rp 3.7 trillion.

Jasa Marga recently announced its plan to sell a portion of its shares to the public later this year.

Company president Maryadi Darmokumoro estimated between 25 percent to 35 percent of its shares would be sold to the public. The proceeds would be used to finance the development of a 350- kilometer toll road worth Rp 7 trillion in the next five years.

Radinal said PT Pembangunan Perumahan followed Jasa Marga as the second largest borrower among the companies under the supervision of his ministry, with debts totaling Rp 442 billion. It was followed by Perum Perumnas, with Rp 352 billion in debts; PT Wijaya Karya, with Rp 325 billion in debts; PT Waskita Karya, with Rp 221 billion in debts; PT Hutama Karya, with Rp 197 billion in debts and PT Nindya Karya, with a total debt of Rp 108 billion.

Aside from Jasa Marga, the companies which gained relatively big profits in 1995/1996 included Perum Perumahan, earning pretax profits of Rp 43.3 billion; Adhi Karya, Rp 23.3 billion; Wijaya Karya, Rp 22.6 billion and Waskita Karya, Rp 14 billion.

Among those which earned smaller profits were PT Sarana Karya, with profits totaling Rp 203 million; PT Indra Karya, with Rp 364 million, Amarta Karya, with Rp 388 million, Virama Karya, with Rp 430 million and Yodya Karya, with Rp 640 million. (jsk)