Tunas Ridean incurs loss

JAKARTA (JP): Publicly listed Tunas Ridean reported a net loss of Rp 900 million (about US$120,000) in first nine months of this year compared to a net profit of Rp 12.6 billion in the same period last year.

The motor vehicle distributor and consumer financing company said in a statement on Friday that the net loss was primarily due to a huge foreign exchange loss of Rp 19.5 billion.

Foreign exchange losses were Rp 10.5 billion in 1997.

Sales in the company's automotive division declined by 53 percent -- totaling Rp 380.6 billion -- from January to September due to the economic crisis.

Tunas Ridean is 51.85 percent owned by PT Tunas Andalan Pratama, 30 percent by Jardine International Motor Holdings BV, 0.70 percent by cooperatives and 17.45 percent by the public. (aly)