Asahimas liquidates Singapore subsidiaries

PT Asahimas Flat Glass Tbk has finalized the liquidation of two subsidiary companies in Singapore, Glavermas Mirror Pte Ltd and Glavermas Pte Ltd, leaving IDR 5.8 billion assets.
The finance manager …

PT Asahimas Flat Glass Tbk has finalized the liquidation of two subsidiary companies in Singapore, Glavermas Mirror Pte Ltd and Glavermas Pte Ltd, leaving IDR 5.8 billion assets. The finance manager of Asahimas, Rusli Pranadi said the liquidated assets are deemed miscellaneous income and contribute to the jump in net profit as per September 2008 of 111.34% to IDR 205 billion “The liquidation value is not too big as both are the export agents in Singapore with office facilities as their assets”, he said on 7 November 2008. Mr. Rusli said that sales as per September were IDR 1.71 trillion up 27.2% on IDR 1.35 trillion in the 3Q 2007. In the 3Q 2008 the company posted flat glass sales of IDR 1.23 trillion and automotive glass sales of IDR 486 billion. Production capacity is 570,000 tons a year. To tackle the soaring energy price, the company has invested some USD 1-2 million for energy conversion from oil to gas. So far in 2008, the company has invested some USD 5 million (IDR 46.75 billion) or 85% of the allotted 2008 capital expenditure of IDR 55 billion.