Finance firm books profit

JAKARTA (JP): The net consolidated profit of publicly-listed PT Sinar Mas Multiartha in the first half of 1995 reached Rp 66.16 billion (US$30.07 million), about 50.6 percent of its projected profit for 1995.

According to its financial statement for the January-June period, which was released yesterday, the company's total assets jumped to Rp 11.41 trillion ($5.18 billion) as of June, compared with Rp 177.25 billion as of the same month of last year.

On Sept. 28, last year, the multi-finance company acquired financial affiliates in the Sinar Mas Group, including Bank Internasional Indonesia, Asuransi Sinar Mas, Summit Sinarmas Finance, Sinar Mas Ekagraha and Sinarmas Gunita through a share swap and a cash payment. The takeover led to the sharp increase in the company's assets and earnings.

The company also announced that it expects to raise a syndicated loan of around $25 million in the middle of September, even though the Rp 108 billion in public funds raised by the company at end of June 1995 has not yet been utilized. The public funds included a syndicated loan of $40 million received in early August.(hen)