Wednesday, 22 November 2017 | 20:00 WIB

These State Owned Enterprises Continue to Incur Losses

Office of SOE Ministry

JAKARTA, NETRALNEWS.COM - Deputy for Restructuring and Business Development of the Ministry of State-Owned Enterprises (SOE) Aloysiius Kiik Ro listed seven state-owned companies which incurred losses.

Moreover, according to him in the last two years the country gave financial support through the injection of State Capital Participation (PMN).

These include PT Dok Perkapalan Surabaya, PT Dirgantara Indonesia (DI), PT PAL, PT Perkebunan Nusantara (PTPN) X, PTPN IX, PTPN VII and PTPN III. The seven SOEs have suffered net losses in 2016.

"There are two groups that suffered a net loss, that is, agriculture and strategic industries," said Aloysiius at Ministry of SOE Building, Jakarta, Tuesday (9/12/2017).

He mentioned PT Dok Perkapalan Surabaya got a PMN injection of IDR200 billion ($16 million) for the procurement of floating dock 8,500 TLC and modernization of work equipment. However, PT Dok's net loss actually increased from IDR48.83 billion to IDR81.54 billion.

"Indeed, it continues to experience a net loss over the past four years. Revenue tends to decline. Likewise value of assets and equity continues to decline," he added.

Meanwhile PT Dirgantara Indonesia obtained PMN amounting to IDR400 billion, for the development of marine aircraft program, improvement of aircraft assembly facility and its supporters, enhancement of capability and capacity of aircraft service, and increased working capital. The company suffered a net loss of approximately IDR271.2 billion in 2016, up from 2015's IDR50.52 trillion.

"Operational reason is due to significant foreign exchange losses, sales value did not reach RKAP [company's work plan and budget] targets and financial burden due to still bearing the extended LC, where the goods are not delivered on time," he said.

Next, PT PAL, he added, obtained PMN of IDR1.5 trillion for submarine development including Human Resources along with facilities and equipment. This shipping SOE has a net loss of IDR395.22 billion, up from 2015's IDR187.24 billion.

PTPN X, PTPN IX, PTPN VII and PTPN III received PMN amounting to IDR97.5 billion, IDR100 billion, IDR17.5 billion and IDR3.1 trillion, respectively. However, the four state-owned plantation enterprises actually suffered losses of IDR155 billion, IDR304 billion, IDR546 billion and IDR1.3 trillion respectively.

"Revenue has decreased since 2014, resulting in higher net loss, although in terms of total assets and equity, it continues to rise," he said. (*)