Asahimas Flat Glass - Weak Rupiah & Anti-Monopoly Investigation

Indonesian glassmaker, Asahimas Flat Glass, reported net losses totalling Rp 8.46bn during the first 9 months of 2000, compared with a Rp 13.17b net profit for the same period in 1999. Sales revenues increased to Rp 751.37bn (Rp 567.25 bn in 1999) resulting in a doubling of the company's operating profit to Rp 320.67bn. However, a weaker Rupiah against the dollar caused the company to register Rp 173.24bn in foreign exchange losses, compared with just Rp 6.79bn in 1999. An official Indonesian anti-monopoly organisation is to investigate eight leading companies for possible violations of the Asian nation's anti-monopoly law. Included in the list of eight is Asahimas Flat Glass, which controls an estimated 65% of Indonesia's glass market.