Modern Group to pay $2.4m in dividends<\/p>\n
JAKARTA (JP): Three publicly-listed companies of the Modern
\nGroup -- Modern Photo, Modernland Realty and Modern Bank --
\nyesterday received shareholders' approvals for their proposed
\ndividends.<\/p>\n
An executive of the Modern Group, Michael Haribowo, told
\njournalists here that Modernland has allocated Rp 5.7 billion
\n(US$2.4 million) or 25 percent of its 1995 net profits for
\ndividends payment.<\/p>\n
\"Modern Photo will pay dividends of Rp 200 per share, totaling
\nRp 26 billion or 43 percent of its 1995 net profits, while Modern
\nBank will pay dividends of Rp 125 per share, totaling Rp 15
\nbillion or 67 percent of its net profits,\" Haribowo said.<\/p>\n
During a joint press conference yesterday, executives of the
\nthree companies explained their companies' 1995 performances and
\ntheir projections for 1996.<\/p>\n
Modern Photo expects an increase of 15 percent in its net
\nsales and 20 percent in net profits.<\/p>\n
\"We recorded an increase of 14 percent in net sales to Rp 642
\nbillion last year, and 23 percent in net profits to Rp 62
\nbillion,\" A.F. Hasan of Modern Photo said.<\/p>\n
\"For the first quarter of this year, we already booked Rp 152
\nbillion in net sales, 7 percent higher than that of the same
\nperiod last year,\" Hasan said. \"Our net profits stood at Rp 14
\nbillion.\"<\/p>\n
\"The sales figure was actually below our expectation of a 15
\npercent increase. But we believe that we can reach our target for
\nthe whole year, particularly with the sales of our new product --
\nan advanced photo system -- which was launched in April.\"<\/p>\n
Meanwhile, a director of Modern Bank, Boby Sudarso, said the
\nbank's management projects a 20 percent increase in before-tax
\nprofits and about 45 percent in net profits.<\/p>\n
Boby said Modern Bank's credit expansion is expected at a 30
\npercent level this year.<\/p>\n
As of the end of last year, the bank's total credits reached
\nRp 1.3 trillion, while total funds generated from the public
\namounted to Rp 1.6 trillion, indicating increases of 49 percent
\nand 58 percent respectively from the end of the previous year.<\/p>\n
He said that Modern Bank's before-tax profits rose 19 percent
\nto Rp 37 billion last year. Its net profits, however, slightly
\ndeclined, from Rp 22.26 billion in 1994 to Rp 22.22 billion last
\nyear because of a change in the tax policy adopted by the
\ngovernment.<\/p>\n
For the first quarter of this year, the bank's net profits
\nreached Rp 11 billion.<\/p>\n
Yahya Salim of Modernland said the company expects to book Rp
\n200 billion in net sales and Rp 28 billion in net profits this
\nyear.<\/p>\n
Modernland saw a drop of 17 percent in net profits to only Rp
\n23 billion last year, despite an increase of 12 percent in net
\nsales to Rp 163 billion.<\/p>\n
Salim said that about Rp 70 billion of 1995's sales could not
\nbe booked because of a change in the company's accounting system.
\n(alo)<\/p>",
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