"Asset sales can take time and come in at a lower price than you expected."

He said the asset sales were taking longer then expected.

That money has been raised in the last year through various asset sales.

However, the 1997 figure includes some asset sales, without which, the company said, growth was closer to 14 percent.

There is talk of asset sales worth $2 billion, spread over three years.

The government hopes to raise about $3.5 billion through the six asset sales.

The results included asset sales and credits of $1.18 billion.

The rest was made up from asset sales, new debt and cash on hand.

He also said the company expected to generate about $3 billion in cash through asset sales by the end of next year.

But no asset sales for the publishing company were mentioned.