PAM Jaya’s Balance Sheet, 1995-1999

• During its first three years, PAM Jaya contributed to the actual regional income (PAD—1995-1997 figure).
• Following cooperation with Palyja and TPJ, PAM Jaya was immediately hit by a deficit (1998-99 figure).
• The loss kept increasing, with the deficit amounting to Rp86.4 billion by October 2000.
• By October 2000, the company’s debts (Rp394.6 billion) were higher than its reserve funds (Rp32