Bukaka profit jumps 40%

PT Bukaka Teknik Utama, an engineering company controlled by the family of Vice President Jusuf Kalla, reported operating profit of Rp109 billion in the first half 2009, jumped 40% from the same period last year. 

According to the company's unaudited financial report to Indonesia Stock Exchange (IDX), Bukaka reported contracts revenue of Rp404 billion in H1 2009, increased 8% from the same period last year. With lower operating expenses, the company managed to book operating profit of Rp109 billion. Combined with gain from foreign exchange translation of Rp73 billion, Bukaka then reported net profit of Rp175 billion, surged 92% from Rp91 billion in H1 2008.

But the company's balance sheet has yet to be cleaned, especially because the defaulted loans have not been restructured. The company had short-term liabilities of Rp1.57 trillion in June 2009, while its current asset was only Rp600 billion. Technically, this company is bankrupt.

Bukaka has to restructure Rp920 billion defaulted loans to a consortium of 24 banks and offshore financial institutions (Rp419 billion, due in 2001), a consortium of 16 banks (US$30 million, due in 1998), a consortium of four foreign banks (US$14 million), KreditBank NV, Belgium (US$5 million), and Deutsche Bank (US$3.6 million).

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