Humpuss Transport profit up

JAKARTA (JP): PT Humpuss Intermoda Transportasi, a publicly listed firm under the Humpuss Group, has said its net profit for 1997 could total Rp 26.8 billion (US$3.15 million), 10 percent higher than its target of Rp 24.4 billion.

Despite the current economic situation, the company projects its net profit to increase again 20 percent this year.

The company attributed its strong performance to its shipping company in Singapore which conducts transactions in U.S. dollars.

It also said most of its foreign loans were repaid during a restructuring period in 1996/1997, before the company went public in December 1997.

Humpuss Intermoda said that due to the crisis, it was now more dependent on contract extensions from state oil and gas firm Pertamina to transport oil and gas to importing countries.

The company promised to distribute cash dividends from 1997 profits to its shareholders, the amount of which would be decided at a shareholders meeting this April.

It said the market price of Humpuss Intermoda stocks, currently traded at about Rp 700, was undervalued by some 25 percent.

The Humpuss Group is controlled by President Soeharto's youngest son Hutomo Mandala Putra. (rid)