VIVAnews - PT Bakrie & Brothers Tbk. (BNBR) recorded net losses of Rp 16.62 trillion (US$1.45 billion) in 2008, sliding 7,554.70 percent down compared to the net profit in 2007 with Rp 223.36 billion (US$19.47 million).
The cutback in the net profit was caused by the loss in liability post such as stock sale in subsidiary and associate company of Rp 17.06 trillion (US$1.48 billion), lower by 21,865.67 percent than in 2007's sale profit of Rp 78.39 billion (US$6.84 million).
"We also suffered losses in foreign exchange by Rp 526 billion (US$45.87 million) in 2008 because of the economic condition," said Director of Bakrie & Brothers Dileep Srivastava during a press conference that VIVAnews received on Friday, April 3.
However, the director mentioned that the company still recorded a net income of Rp 8.40 trillion (US$732.56 million) in 2008, a grow by 59 percent compared to the income in 2007 with Rp 5.29 trillion (US$461.34 million). "The income growth was contributed by telecommunication, plantation, and metal sectors," he further explained.
Srivastava added that Bakrie Brothers' gross profit rose to Rp 3.64 trillion (US$317.44 million) from the previous Rp 2.21 trillion (US$192.73 million), higher by 65 percent. Meanwhile, the business profit climbed by 45 percent to Rp 1.25 trillion (US$109.01 million) than in 2007 with Rp 862 billion (US$75.17 million).
The company's subsidiary PT Bumi Resources Tbk. (BUMI), PT Energi Mega Persada Tbk. (ENRG), and PT Bakrieland Development Tbk. (ELTY) have been contributing more than Rp 1 trillion (US$87.21 million) since April 2008.
"Our total assets increase significantly to Rp 26 trillion (US$2.27 billion) than in 2007 with Rp 14 trillion (US$1.22 billion), which is almost double," said Srivastava.
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Translated by: Ariyantri E. Tarman
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