Wicaksana books higher sales

JAKARTA (JP): PT Wicaksana Overseas International announced on Monday a 50 percent increase in net sales to Rp 1.92 trillion (about US$271.4 million) during the nine months ending in September.

The company said its gross profit reached a total of Rp 151.7 billion over this period, a rise of 7.3 percent from the same period last year.

Operating profit climbed to Rp 60.6 billion from Rp 58.9 billion in the same period last year, it said.

However, the company suffered a net loss of Rp 11.4 billion, down from its Rp 379.8 billion net loss in the first nine months of 1998. The company said the loss resulted from foreign exchange losses.

Foreign exchange losses fell to Rp 58.6 billion in the period from January to September this year, down from Rp 499.2 billion in losses during the same period last year.

The trading and distribution company said it secured initial approval from its foreign creditors to restructure its debt. (hen)