Sugar firm suffers loss

Sugar firm suffers loss

JAKARTA (JP): State-owned PT Perkebunan XXIV-XXV, one of the country's major sugar producers, suffered a loss of Rp 9.8 billion (US$4.2 million) last year, a company official said yesterday.

The executive secretary of the state-owned plantation firm, M. Saleh Brotojoewono, attributed the financial deficit to its high debt burden.

Besides operating 12 sugar mills in East Java, the Surabaya- based plantation company also manages a sugar plant in South Kalimantan.

Saleh said that Perkebunan XXIV-XXV actually gained operational profits of Rp 42.7 billion from the 12 sugar mills in Java last year. "But the company's loan repayment during the period reached Rp 52.6 billion, forcing the company's balance sheet into the red," he said. (hen)