Bakrie & Brothers' profits increase by 17%
Bakrie & Brothers' profits increase by 17%
JAKARTA (JP): Publicly-listed PT Bakrie & Brothers said
yesterday that its consolidated net profits increased only by 17
percent to Rp 120 billion (US 51.2 million) last year although
its operating profits rose 54 percent to Rp 189 billion.
"It was due mainly to a change in the accounting system.
Moreover, Rp 36 billion of 1994's profits were capital gains from
a partial divestment of our shares in PT Bakrie Electronics
Company," Bakrie & Brothers' president, Tanri Abeng, said after
an annual meeting of shareholders.
Tanri said that up to 47 percent of the net profits derived
from the company's infrastructure-related division, only 15
percent from the plantations division, 9 percent from
telecommunications division and the remaining 29 percent from
strategic investments.
Bakrie & Brothers, which currently operates in three core
business -- telecommunications, plantations and the
infrastructure-related industry -- through a number of
subsidiaries, booked Rp 1.2 trillion in net consolidated revenues
last year, an increase of 69 percent over the previous year.
Tanri said that of the total revenues, Rp 228 billion derived
from the telecommunication sector (which recorded an increase of
168 percent), Rp 432 billion from the infrastructure-related
sector (36 percent) and Rp 602 billion from the plantation sector
(76 percent).
He also said that the shareholders approved the company's plan
to use 40 percent of last year's net profits for dividend
payments, totaling Rp 48 billion or Rp 100 per share.
Meanwhile, a subsidiary of Bakrie & Brothers, PT Indocopper
Investama Corporation, which also held an annual shareholders
meeting here yesterday, reported an increase of 24 percent in net
profits to Rp 43 billion last year due mainly to a significant
increase in dividends received from its investment in PT Freeport
Indonesian Company.
Indocopper said in a statement that Rp 39 billion out of its
net profits is allocated for 1995's dividend payments. (alo)