Jakarta – At least three of Indonesia's airports under the state-owned airport operator PT Angkasa Pura (AP) I, will be offered to private investors, a company official said.

Gatot Pudjo Martono, the director of PT AP I said on Thursday the government would decide the system and time table of privatization of the three airports, Bali's Ngurah Rai, Surabaya's Juanda and Makasar's Hasanuddin.

Martono said the three airports are the largest contributors to the company's income. Martono said Ngurah Rai contributed 50% to AP I's earning, and Juanda and Hasanuddin accounted for 50% each.

The AP I's income in 1998 totaled Rp1.08 trillion (US$142 million) with profit of Rp800 billion, down in 1999 to Rp660 billion and Rp300 billion respectively. Martono attributed the decline to the strengthening of rupiah against the US dollar.

He said the intrest of the regional government would be considered in privatizing airports. He said airports have better prospects with the improved outlook of the economy in general.

Three state-owned Indonesian companies are also planning initial public offerings (IPO) for next month under the government's privatization program.

Nyoman Tjager, a deputy of the state minister for state enterprises, said the privatization of PT Pupuk Kaltim, a fertilizer company, PT Tambang Bukit Asam, a coal mining company and PT Perkebunan Nusantara, a plantation company,was aimed at raising fresh funds to cover a deficit in the 2000 fiscal budget.

Tjager said that next in the list to be privatized are PT Indo Farma and PT Kimia Farma, both pharmaceutical companies, PT Aneka Tambang, a general mining company and PTPN II, a plantation company.

Earlier, Laksamana Sukardi, the state minister in charge of state enterprises, said that 8 state-owned companies had been put on the "fast track" to privatization.