TEMPO.CO, Jakarta - SOEs Minister Erick Thohir said the Covid-19 pandemic has put state-owned companies in large amounts of debt. Among those SOEs are PT Kereta Api Indonesia (KAI), Karya SOEs, and Holding PT Perkebunan Nusantara (PTPN).
Many of them owe more than Rp40 trillion, including PPT's Rp48trillion debt. Waskita Karya, Adhi Karya, Wijaya Karya, and PT PP also have debts of more than Rp40 trillion, as they need a lot of funds for their projects.
Meanwhile, KAI is significantly affected by the load factor limit of 15% maximum during the pandemic.
KAI's revenues have dropped to Rp12.19 trillion as per September 30 last year, down from 2019's Rp17.8 trillion. The company owes Rp30.11 trillion, an increase from December 2019's Rp25.09 trillion.
Erick said that restructuring SOE debts was one of the government's agenda throughout 2020. With experiences from restructuring the debts of Krakatau Steel (IDX: KRAS), the next challenge is to restructure PTPN's debts.