Bakrie Telecom Cuts Jobs
11 March 2015 14:42 WIB
TEMPO.CO, Jakarta – Bakrie Group's telecom operator PT Bakrie Telecom Tbk (IDX: BTEL), has begun to reduce the number of its employees following its swelling debts and depleting capital. President director Jastiro Abi said the layoffs are part of the company's strategies to the company become more effective in its operations.
Jastiro declined to specify the number of employees who will be laid off. He only said that it would be less than to 800 employees. "Not even half of that," he told Tempo yesterday.
He denied reports that the job cuts indicate that the company is on the verge of bankruptcy . "Our business is running as usual, but the company's finances are forcing us to improve efficiency," he said.
Since 2011 BTEL has been recording net losses. In 2013, they recorded a negative equity. In the first quarter of 2014, the company had posted a net profit of Rp210 billion due to foreign exchange gains. However, in the third quarter of the same year they were back at a net loss of Rp1.52 trillion.
The company's debts have exceeded its assets value. As of September 2014, BTEL's liability value stood at Rp10.940 trillion or 143 percent of its Rp7.63 trillion assets. Ninety-eight percent of the company's liabilities are short-term liabilities.
As of December 2013, BTEL has 1,438 employees.
PRAGA UTAMA | ANDI IBNU
