Bimantara projects 103% increase in profit

Bimantara projects 103% increase in profit

JAKARTA (JP): Publicly-listed PT Bimantara Citra has projected its net profit to rise 103 percent this year to around Rp 110 billion (US$47.8 million) from Rp 54.9 billion in 1994.

Financial director Kadir Assegaf said here yesterday that 70.3 percent of this year's projected profit will come from the business group's media and broadcasting, automotive, telecommunications and chemical divisions.

He said that net profit for 1996 is projected to increase by around 30 percent.

Bimantara, majority owned by President Soeharto's son Bambang Trihatmodjo, is involved in various business activities ranging from television broadcasting, telecommunications, infrastructure and financial services.

The business group reported an 80-percent increase in its net profit for the January-September period of this year to Rp 80.99 billion from Rp 45.05 billion in the corresponding period of 1994.

Kadir said that the group's media and broadcasting division, now comprised only of PT Rajawali Citra Televisi Indonesia (RCTI), contributed 38.21 percent to its total earnings in the first nine months of this year. The transportation and automotive division contributed another 23.53 percent and the chemical division four percent.

He said that RCTI's earnings surpassed projections despite growing competition from the four other private television stations. (hen)