APP announces losses.

After considerable delays, Asia Pulp & Paper, Indonesia's debt-laden pulp and paper producer, announced its financial results for the calendar year 2000. The outcome, a loss of US$ 939 million, was submitted to a meeting of creditors in Singapore. The largest net loss of US$ 338 million was incurred by the non-integrated subsidiary, Twiji Kimia, which makes copy paper and stationery in an enormous plant outside Surabaya in eastern Java. Close behind (US$ 328 million) was another non-integrated mill, Pindo Deli, which makes coated and uncoated paper in a mill east of Jakarta. APP's largest subsidiary, Indah Kiat, which has most of APP's pulping and some papermaking capacity in Central Sumatra, had sales of US$1.545 billion, a gross profit of US$ 545 million, an operating profit of US$ 403 million and a net loss of US$ 147 million. The company has agreed to let its creditors manage its cash flow process.