Ometraco posts 40 percent rise in net profit<\/p>\n
JAKARTA (JP): Ometraco Corporation's net profits rose by over
\n40 percent to Rp 53 billion (US$22.5 million) in this year's
\nthird quarter up from Rp 36.7 billion for the same period last
\nyear.<\/p>\n
The business group said the surge in net profit was because of
\nits rapidly expanding multifinance portfolio and Bank Tiara's
\nstrong performance.<\/p>\n
Pretax income from financial services rose by 158 percent to
\nRp 58.5 billion for the nine months to September 30 up from Rp
\n22.6 billion.<\/p>\n
Revenues from non-financial services activities rose 24
\npercent to Rp 877.9 billion from Rp 706.4 billion.<\/p>\n
Ometraco which has a 51 percent stake in Japfa Comfeed
\nIndonesia, a 69 percent stake in Multibreeder Adirama Indonesia,
\na 51 percent stake in Bank Tiara and Trafindo Perkasa and a
\nnumber of private companies, is controlled by the Sentosa family.<\/p>\n
In the financial services division, net income from
\nmultifinance company Ometraco Multi Artha jumped over 200 percent
\nto Rp 15 billion. Low cost funding plus rising interest margins
\nled to higher revenues, the group said.<\/p>\n
Bank Tiara booked a total operating income of Rp 48.2 billion
\nin this year's third quarter, a 32 percent increase over Rp 34.6
\nbillion for the same period last year.<\/p>\n
\"To maintain our rapid growth rate, we are focussing on
\nbuilding our non-interest income. As part of this strategy, we
\nhave formed a securities joint venture with the Hong Leong Group
\nof Malaysia to penetrate the local securities market,\" said Bank
\nTiara president Hendrick Kolonas.<\/p>\n
Boyke Gozali, the president of the business group, said in the
\ngeneral insurance area, Ometraco Corporation was finalizing a
\njoint venture agreement with a British company.<\/p>\n
\"We hope the agreement can be signed during the fourth
\nquarter,\" he said.<\/p>\n
In the consumer division, revenue increased 30 percent to Rp
\n795.5 billion from Rp 611.2 billion. Japfa Comfeed Indonesia's
\nrevenue rose 29 percent to Rp 743.4 billion thanks to a 17
\npercent increase in sales for day-old chickens (DOCs) and
\nimproved layer DOC prices.<\/p>\n
In the infrastructure division, revenues reached Rp 302.5
\nbillion, but net profits were hurt by a slowdown in purchases by
\npublic utility customers. (jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ometraco-posts-40-percent-rise-in-net-profit-1447893297",
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