SINGAPORE, Aug 2 (Reuters) - Debt-laden Asia Pulp & Paper Company Ltd (APP) submitted on Thursday long-delayed financial statements for its major subsidiaries to creditors in a meeting in Singapore. APP, which froze repayment of principal and interest of its debt of US$12.2 billion in March, said in a statement that its five major operating subsidiaries in Indonesia and China incurred total net losses of $939 million for the year ended December 31. The Singapore-based group also said the four Indonesian units -- PT Indah Kiat , PT Tjiwi Kimia , PT Pindo Deli and PT Lontar Papyrus -- had also incurred total provisions for doubtful accounts of $765.50 million last year. ``Although most of our operating subsidiaries saw a net increase in sales, a significant increase in raw material costs, provisions...and increases in interest expense caused all of our major subsidiaries to suffer net losses in the year 2000,'' Hendrik Tee, APP's chief financial officer, said. APP, controlled by troubled Sinar Mas group that is owned by Indonesia's Widjaja family, warned that the results were being audited and some of them may change significantly. The auditors of Sinar Mas' palm oil and property group, Asia Food & Property and Golden Agri-Resources , had declined to give an opinion on their 2000 financial results after they failed to factor in several adjustments which may be needed if they failed to recover millions of dollars in funds. Tee said the audited statements of its Indonesian firms would be released in the next four to six weeks. He said the group was trying to rationalise its overseas sales, marketing and procurement to maximise cash flow. In an update to creditors about its sales performance, APP said average realised prices of pulp, paper, stationery and tissue made by its subsidiaries were weaker in the first two quarters of this year compared with the same periods last year. Earlier last month, the New York Stock Exchange said it was seeking to delist APP shares, which have been suspended since April after trading below the minimum $1 for some time. APP told the U.S. Securities and Exchange Commission last month that it was unable to file its 2000 results on time or quantify its losses as it focused on restructuring its debt. It also told the commission that it was experiencing substantial liquidity and other financial difficulties. The Jakarta Stock Exchange has suspended trading in Indah Kiat and Tjiwi Kimia shares since last month after they failed to deliver their audited 2000 reports by July 12. The following is a result summary for its three Indonesian subsidiaries and APP China: (in millions of U.S. dollars) Indah Kiat Tjiwi Kimia Pindo Deli APP China Net sales 1,545.5 829.0 764.0 1,186.6 Gross profit 545.3 61.9 129.4 194.1 Operating profit/(loss) 403.0 (61.7) 37.3 60.9 Net loss 147.4 338.0 328.0 114.6