Indocitra report surge in profit<\/p>\n
JAKARTA (JP): PT Indocitra Finance, a multifinance company
\nlisted on the Jakarta Stock Exchange, reported yesterday a more
\nthan 100 percent increase in its pre-tax profit for the first
\nnine months this year.<\/p>\n
As of September 30, the company booked approximately Rp 2
\nbillion (US$871,459) in pre-tax profit, compared to Rp 900
\nmillion in the first nine months of last year, a director of the
\ncompany, Bukti Hutauruk, told reporters after an extraordinary
\nmeeting of the firm's shareholders.<\/p>\n
He said the company expects a total pre-tax profit of Rp 4
\nbillion this year.<\/p>\n
The company formerly projected an increase of 100 percent in
\nthis year's profit, he added.<\/p>\n
Hutauruk said that the profit jump was largely supported by a
\nsharp increase in its loans to companies, which found
\ndifficulties in generating loans from banks due to tighter
\ngovernment control of bank loans.<\/p>\n
He said Indocitra's total assets as of September were recorded
\nat Rp 150 billion, including the Rp 30 billion lent to customers.<\/p>\n
For the year 1996, the company expects a pre-tax profit of Rp
\n5 billion, he said.<\/p>\n
Yesterday's meeting appointed Oebojo Gandasoebrata as the
\ncompany's new president, Junifar Muchdi as a director and Glenn
\nGouw as a commissioner. (08)<\/p>",
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