Wicaksana's double trouble
Distribution company PT Wicaksana Overseas International Tbk is clearly in a big trouble. The company's loss almost doubled to Rp114 billion last year from Rp64 billion in 2004.
Debt problem? Yes. But its operation was even worse. Sales dropped 21%. The company also failed to cut the operating expenses. As a result, Wicaksana booked operating loss of Rp76 billion, increased from Rp50 billion in 2004.
Due to years of losses, Wicaksana's capital deficiency has grown to Rp456 billion with total liabilities of Rp880 billion by the end of 2005.
Debt problem? Yes. But its operation was even worse. Sales dropped 21%. The company also failed to cut the operating expenses. As a result, Wicaksana booked operating loss of Rp76 billion, increased from Rp50 billion in 2004.
Due to years of losses, Wicaksana's capital deficiency has grown to Rp456 billion with total liabilities of Rp880 billion by the end of 2005.
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posted by yosef at 8:40 AM
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