23 state firms continue to incur financial losses

JAKARTA. Of the total 141 state-owned enterprises, 23 companies continued to suffer financial losses last year, according to a State-Owned Enterprises Ministry senior official.

Deputy State-Owned Enterprises Minister Mahmuddin Yasin said in Jakarta on Friday that as many as 118 state firms booked profits, but only 70 of them paid dividends.

“There are 118 companies reporting profits last year. However, not all of them will be able to pay dividends because several of the companies still suffered accumulated losses,” he said.

Firms which are still in the red are PT PAL Indonesia, PT Merpati Nu-santara Airlines, PT Dirgantara Indonesia, PT Danareksa, PT Bahana PUI, PT Perkebunan Nusantara XIV, PT Kertas Leces, PT Kertas Kraft Aceh, PT Djakarta Lloyd, PT Industri Soda Indonesia, PT Semen Kupang, PT Inhutani, PT Perkebunan Nusantara XI, PT Konversi Energi Abadi, PT Industri Gelas, PT Batan Teknologi, PT Survai Udara Penas, PT Pengembangan Daerah Industri Pulau Batam, Perum Produksi Film Negara, PT Industri Kapal Indonesia, PT Inhutani III and PT Pradnya Paramita.

The combined net profits from the state-owned enterprises reached Rp 123.5 trillion (US$13.46 billion), while losses totalled Rp 3.24 trillion.

“From 70 firms able to pay dividends, 16 are listed companies,” Yasin said.

In the draft revision of the 2012 state budget, the state is expecting that it will receive up to Rp 30.77 billion in dividends from state-owned enterprises.

Yasin pointed out that the main contributors of total dividends to be received by the state would be companies in the banking sector, electricity company PLN, telecommunication giant PT Telekomunikasi Indonesia (Telkom) and Pertamina.

There are 18 state-owned companies listed on the Indonesia Stock Exchange (IDX). As many as 17 companies have submitted audited 2011 financial reports to the bourse, with the exception being pharmaceutical company PT Indofarma.

Five companies — tin producer PT Timah, construction company PT Adhi Karya (ADHI), gas company PT Perusahaan Gas Negara (PGAS), Telkom and steel giant PT Krakatau Steel — reported lower net profits.

Telkom’s net profit slumped 4.94 percent to Rp 10.96 trillion in 2011 from Rp 11.53 trillion in 2010. The company actually booked higher revenue of Rp 71.92 trillion, increasing by 3.96 percent from Rp 69.18 trillion.

Telkom suffered from growing expenses of Rp 46.25 trillion, which caused the company’s operating profit to slip by 4.25 percent to Rp 21.95 trillion in 2011 compared to Rp 22.92 trillion in 2010.

PGAS also posted lower net profits at Rp 5.93 trillion in 2011, falling 4.9 percent from Rp 6.24 trillion year-on-year.

“Lower distribution volume and increases in cost of revenue and operating expenses contributed to the fall. Increases in cost of revenue were caused by the rising purchasing price of gas from extended and new contracts,” the company said in a written statement.

The company’s revenue dropped 1 percent to Rp 19.58 trillion in 2011 from Rp 19.76 trillion in 2010. A 7.89 percent increase in cost of revenue to Rp 7.79 trillion in 2011 from Rp 7.22 trillion in 2010, caused the company’s gross profit to drop 6 percent to Rp 11.77 trillion in 2011 from Rp 12.54 trillion in 2010.

The increase in operating expenses to Rp 4.05 trillion caused a 14 percent drop in PGAS’ operating profit to Rp 7.72 trillion in 2011 from Rp 9.03 trillion a year earlier.

ADHI reported a 17.98 percent increase in its revenue to Rp 6.69 trillion in 2011 from Rp 5.67 trillion in 2010. Despite increasing revenue, ADHI’s net profit dropped 3.88 percent to Rp 182.12 billion in 2011 from Rp 189.48 billion in 2010.

Cement producer PT Semen Gresik and toll road operator PT Jasa Marga were among companies that reported healthy growth in 2011.

Semen Gresik collected Rp 16.38 trillion in revenue in 2011, increasing by 14.22 percent from Rp 14.34 trillion a year earlier. Its net profit stood at Rp 3.92 trillion, surging 7.99 percent from Rp 3.63 trillion.

Jasa Marga reaped Rp 4.96 trillion in revenue in 2011, a 13 percent increase compared to Rp 4.39 trillion in 2010. The company booked Rp 1.24 trillion in net profits in 2011, increasing by 12 percent from Rp 1.19 trillion in 2010.

Garuda Indonesia, although reporting Rp 805.53 billion in net profits, will not be able to disburse dividends this year as it remained in an overall accumulated loss position. (Raras Cahyafitri, The Jakarta Post)