PSM profit soars in first half<\/p>\n
JAKARTA (JP): PSP group finance company PT Putra Surya
\nMultidana (PSM), reported a 435 percent net profit increase in
\nthe first half this year to Rp 101.07 billion from Rp 18.87
\nbillion in the first half of 1996.<\/p>\n
Rudy Soraya, corporate secretary of publicly listed PSM, said
\nnet profit in the first half this year was about 44.5 percent of
\nthe projected Rp 227 billion profit for 1997.<\/p>\n
He said PSM provided loans of Rp 1.80 trillion during this
\nyear's first semester, or 49.4 percent of the Rp 3.65 trillion
\ninitial projection for 1997.<\/p>\n
"The gross lending-out was a 236.95 percent rise over Rp
\n536.23 billion in last year's first semester," he said.<\/p>\n
Rudy attributed the drastic growth in the company's profit to
\nstrong retail financing during the first half.<\/p>\n
The company provides loan facilities for the retail purchase
\nof motorcycles and light commercial vehicles.<\/p>\n
"Our business, unlike corporate financing, is directly
\naffected by the economic growth of the country," he said.<\/p>\n
"The rise in the country's economy in the past few years has
\nmade motorcycle sales rise," he said.<\/p>\n
He said the company expected motorcycle sales to increase 46
\npercent this year to 1.9 million motorcycles.<\/p>\n
He said he foresaw bright prospects due to the low ownership
\nrate of motorcycles in the country, which was 4.9 per 100 people
\ncompared to 15.2 per 100 people in Thailand and 40.1 per 100
\npeople in Taiwan.<\/p>\n
The expected sharp increase in sales would be helped by the
\nopening of new branches, he said.<\/p>\n
PSM has 78 offices -- 36 branches and 42 collection centers.
\nIt expects to have 99 offices in Java and Bali by the end of the
\nyear.<\/p>\n
Rudy said the company estimated its low bad debts would be
\nabout 0.52 percent this year.<\/p>\n
It's client target is 600,000 clients by the end of this year,
\nhe said.<\/p>\n
PSM sold 19.68 percent of its shares to the public last April.
\nRudy said the company's market capitalization up until June 30
\nwas Rp 5.43 trillion. (das)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/psm-profit-soars-in-first-half-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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