Firm to pay dividends

JAKARTA (JP): PT Bakrie Sumatra Plantations (BSP) announced yesterday it will distribute to shareholders Rp 10.5 billion in dividends or Rp 285 per share from its 1993 net profits.

The company's directors told an annual meeting of its shareholders here that the company had total profits of Rp 15.8 billion last year, compared to Rp 11.8 billion in 1992.

The meeting decided to retain Rp 5.3 billion or 33 percent of the profits and distribute the remaining 67 percent as dividends to shareholders.

The directors said last year's profits included the Rp 1.1 billion in earnings gained by Lewis & Peat Singapore, London and New York, which was acquired by BSP last November.

Lewis & Peat, with total assets of Rp 47.4 billion, had sales revenues of Rp 32.2 billion in the November-December period of last year.

The directors also reported a 66 percent increase in revenues to Rp 75.5 billion last year from Rp 45.6 billion in 1992.

In 1993 BSP implemented a program to reduce its rubber production by 136 tons to 22,552 tons. Its cacao production, however, increased by 60 percent from 295 tons in 1992 to 472 tons in 1993.(17)