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Earning funds from selling shares in Isuzu, PPI drops injection plan
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The Perusahaan Perdagangan Indonesia (PPI) logo is displayed during a market operation to lower beef prices. (tribunnews.com/-)
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erusahaan Perdagangan Indonesia (PPI) has decided to drop its initial proposal of a Rp 1 trillion (US$ 75.31 million) capital injection from the state as it booked billions of rupiah from selling a 10 percent stake in Isuzu Astra Motor Indonesia.
The company’s president director, Dayu Padmara Rengganis, said the firm made Rp 403.37 billion (US$30.38 million) from the sale last year, boosting its net profit to Rp 411.13 billion. Its operating profit also reached Rp 44.98 billion.
"There has also been a change in strategy. We now only support Bulog [State Logistics Agency) in market operations and therefore will be less aggressive [in funding]. Therefore, we’ve decided to cancel the capital injection proposal," she told thejakartapost.com in Jakarta on Monday.
The company distributes 102 million tons of sugar through its 5,500 distribution points for market operations. Dayu guaranteed that the price in market operations remained steady at Rp 12,000 per kilogram in Java and Rp 12,500 outside Java.
"As for beef market operations, we started importing chilled carcasses four days ago and have sold 40 tons out of the 29,500-ton allocation," she said.
The beef, priced at Rp 85,000 per kilogram, was cut in Australia in the morning and reached Jakarta in the afternoon, Dayu explained. The state-owned trading company sells beef through markets and its sales points. (ags)
