Surya Semesta in the black

JAKARTA (JP): Publicly listed property developer PT Surya Semesta Internusa booked a net consolidated profit of Rp 36.42 billion (US$4.28 million at the current exchange rate) last year, a turnaround from a net loss of Rp 65.36 billion.

The company said over the weekend that shareholders had approved the management's proposal for most of the profit to finance part of its debt to foreign creditors and the Indonesian Bank Restructuring Agency.

The company said it has appointed PT Anugra Cipta Investasi as financial advisor in restructuring its debts, which reached $80 million as of April.

The rise on profits raised the company's total equity to Rp 494.41 billion in 1999 from Rp 457.21 billion in 1998.

Surya Semesta Internusa is a holding company with six subsidiaries operating in real estate, hotels, offices, shopping centers, building construction and industrial estates.(07)