Unggul Indah's profit plunges

JAKARTA (JP): Publicly listed Unggul Indah Corp. announced in a statement yesterday that it posted a decline in net profit to Rp 5.2 billion (US$1.52 million) in the first three quarters this year from Rp 24.6 billion in the same period last year.

The company said the decline was caused by foreign exchange losses worth Rp 37.9 billion due to the rupiah's depreciation against the American dollar during the period.

However, the company booked net sales of Rp 321.5 billion in the first three quarters, the statement said.

It said the company would review its construction project on Jl. Gatot Subroto in South Jakarta due to currency crisis.

"Operations are also being affected because the company had deposits worth Rp 5.5 billion in liquidated PT Sejahtera Bank Umum," the statement said.

The government closed PT Sejahtera Bank Umum in November along with 15 other banks in the country as part of financial reforms backed by the International Monetary Fund to restore Indonesia's economy. (aly)