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Indonesian state companies' profit jumps in 2022, led by banks

But builders, national airline face debt problems amid bleaker 2023 prospects

Combined profits at Indonesian state-owned companies, which include Garuda Indonesia and Bank Rakyat Indonesia, jumped last year. (Source photos by Reuters and AP) 

JAKARTA -- The total profit of Indonesia's dozens of state-owned enterprises jumped 143% last year to 303.7 trillion rupiah ($20 billion), State Enterprise Minister Erick Thohir told lawmakers, led by banks making more money on their loan portfolios.

Thohir presented the unaudited consolidated net income results of the country's 41 SOEs and their related entities in a hearing with members of parliament on Monday. He said the total figure includes a "noncash" profit of 55 trillion rupiah by flag carrier Garuda Indonesia as a result of the debt-ridden company's restructuring moves.

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