Danamon Q1 pretax profit soar<\/p>\n
JAKARTA: PT Bank Danamon Indonesia said Monday its pretax profit
\nfor the first three months of this year rose to Rp 296 billion
\nrupiah (US$33.93 million) from Rp 192 billion during the same
\nperiod last year.<\/p>\n
Net interest income rose slightly to Rp 500 billion from Rp
\n400 billion last year.<\/p>\n
\"Income from loans contributed to 55 percent to our total
\ninterest income,\" Danamon said in a statement.<\/p>\n
Income from government bonds fell to 32 percent of total
\ninterest income from 60 percent last year, reflecting the bank's
\nability to gradually reduce its dependency on government bonds as
\na source of income, the statement said.<\/p>\n
Danamon has Rp 14.1 trillion worth of government bonds, making
\nup around 30 percent of its total assets.<\/p>\n
During the three months, Danamon made loans totaling Rp 24.2
\ntrillion, compared with Rp 11.9 trillion in the first quarter of
\n2001, pushing up its loan-to-deposit ratio to 70 percent by the
\nend of the first quarter from 33 percent in the same period last
\nyear.<\/p>\n
The government, which owns 99.35 percent of Danamon, plans to
\nsell a 51 percent stake in the bank later this month or in early
\nMay. --DJ<\/p>\n
DJ Indonesia Bk Mega\/CSFB-2:JG Summit Hldgs Joins Consortium<\/p>\n
JAKARTA: PT Bank Mega confirmed on Monday that Credit Suisse
\nFirst Boston Corp. (CSFB), has joined its consortium bidding for
\nthe government's 51 percent stake in PT Bank Danamon Indonesia.
\nBank Mega's President Commissioner Chairul Tanjung told Dow Jones
\nNewswires that the Philippines' JG Summit Holdings Inc. has also
\njoined the consortium, which already includes PT Bhakti Capital.
\nCSFB couldn't be reached for confirmation Monday. --DJ<\/p>\n
Sampoerna Sales -3: Market Share Drops Slightly<\/p>\n
JAKARTA: Sampoerna said the sales volume for the first quarter of
\nits machine-made cigarettes fell 9.2 percent to 3.408 billion
\nsticks from 3.752 billion a year earlier, while the sales volume
\nof its hand-rolled cigarettes dropped 9.9 percent to 5.553
\nbillion of sticks from 6.164 billion.<\/p>\n
The company said the market share of its three major brands -
\nDji Sam Soe, Sampoerna A-mild and Sampoerna A-International -
\ndropped to 18.6 percent by the end of the first quarter from 19
\npercent as of Dec. 31.<\/p>\n
\"We remain confident with our strategy to monitor the
\ndevelopment of or market share to identify any potential threat
\nto our long-term market positioning,\" the company said.<\/p>\n
It said its first quarter figures reflected the impact of its
\nstrategy to pass on tax increases to consumers at the beginning
\nof the fiscal year.<\/p>\n
The government late last year increased cigarette prices,
\nwhich are used as the base to calculate the excise tax that
\ncigarette companies pay to the government.<\/p>\n
The price of machine-made clove cigarettes produced by large
\ncompanies rose Rp 75 a stick, while the price for those made by
\nmedium companies rose Rp 60 a stick and those by small companies
\nrose Rp 50. --DJ<\/p>\n
Danareksa to issue Rp 500 b in bonds by June<\/p>\n
JAKARTA: Indonesia's state-owned investment bank PT Danareksa
\nplans to issue around 500 billion rupiah ($1=IDR8,720) in bonds
\nby June to refinance maturing debts and raise working capital.<\/p>\n
Danareksa's President Zes Virawan told reporters over the
\nweekend that the company has named its unit PT Danareksa
\nSekuritas and PT Trimegah Securities as underwriters for the
\nproposed bond issue.<\/p>\n
He didn't provide further details on the plan, such as
\nmaturity and coupon rate indications.<\/p>\n
Many Indonesian companies are rushing to tap the local debt
\nmarket this year as declining interest rates have made it cheaper
\nto borrow, while demand for bonds is also strong among investors
\ndue to higher returns compared with bank rates.<\/p>\n
Singapore SilkAir\/Cut Flights -3: Chengdu Affected<\/p>\n
SINGAPORE: From May, SilkAir will be suspending flights to
\nChengdu in China, Padang and Palembang in Indonesia, and Chiang
\nMai and Krabi in Thailand.<\/p>\n
Cities which will have reduced number of flights include
\nXiamen and Kunming in China; Medan, Manado, Lombok and Solo in
\nIndonesia; Yangon in Myanmar; Phnom Penh in Cambodia; and
\nLangkawi in Malaysia.<\/p>\n
The spread of SARS has severely curtailed regional travel as
\ncountries issue travel advisories against travel to affected
\nareas.<\/p>\n
SilkAir's parent, SIA, recently said its overall passenger and
\ncargo capacity in March fell 8.7 percentage points from a year
\nago to 67.3 percent. --DJ<\/p>",
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