Bapepam to probe Apexindo's financial reports
Wednesday, August 4 2004 - 02:50 AM WIB
The chairman of the Capital Market Supervisory Agency (Bapepam), Herwidayatmo said that the agency would probe the financial report of the oil drilling company PT Apexindo Pratama Duta Tbk which has caused confusion to the investing public, Kompas daily reported on Wednesday.
According to Apexindo's financial report, the company suffered a loss of Rp 42.2 billion during the first semester of this year. However, in U.S. dollar terms, the company booked a profit of US$4.3 million.
Herwidayatmo said Bapepam would try to find out why such a difference could take place although in some cases the use of different currencies could produce a different result.
Apexindo earlier said that the loss took place due to the drop in the value of the rupiah against the U.S. dollar during the first six months of this year. The company received its revenues in dollars while most of its spending were made in rupiah. (*)