State-owned enterprises (SOEs) in the sectors of agriculture and aircraft and ship manufacturing, among other sectors, are on the brink of bankruptcy, according to Finance Ministry data.

Finance Minister Sri Mulyani Indrawati said the SOEs, some of which have received state capital injections (PMN), were considered "distressed" based on the Altman Z-score, a formula used to predict the likelihood of a business going bankrupt.

"Based on the indicators used to predict bankruptcy and liquidity problems, there are two distressed SOE categories below the 1.3 [safe net point] score, namely the agriculture and various industries categories," she told the House of Representatives Commission XI overseeing financial affairs in Jakarta on Monday.

The former World Bank managing director said SOEs in the agriculture sector recorded a -0.4 z-score, while SOEs in the various industries category recorded a z-score of 0.0, below the safe threshold of 1.1 to 1.3.

State-owned agriculture enterprises PT Sang Hyang Seri and PT Perkebunan Nusantara III each recorded the lowest z-scores of -14.02 and 0.35, respectively.

Meanwhile, the data showed that the z-score of state-owned aircraft manufacturer PT Dirgantara Indonesia, which falls into the various industries sector, stood at -0.84, while state-owned ship manufacturer PT Dok & Perkapalan Kodja Bahari recorded a z-score of -1.72, meaning it is "fragile".

Sri Mulyani said seven SOEs booked losses despite receiving PMN.

"[We recorded] losses in seven SOEs namely PT Dok Kodja Bahari, PT Sang Hyang Seri, [ship manufacturer] PT PAL, [aircraft maker] PT Dirgantara Indonesia, PT Pertani, [State Logistics Agency] Bulog and [steel maker] PT Krakatau Steel," the minister said, adding that the government had disbursed Rp 20.3 trillion (US$1.44 billion) in PMN this year, up from Rp 3.6 trillion in 2018.

The ministry will inject a further Rp 18.7 trillion next year into SEOs, including construction company PT Hutama Karya, geothermal energy firm PT Geo Dipa Energi and electricity firm PT PLN, among other enterprises.

Finance Ministry State Assets Director General Isa Rachmatarwata said after the meeting with lawmakers that the government would handle these companies with care, adding that the government used the z-score system to "measure the vulnerability of a company to bankruptcy or instability."

"There are several over-leveraged SOEs that we must be careful with or give additional funds to make them healthy," Isa told reporters. The ministry, he went on to say, could issue sovereign debts to give the companies a boost.