Indocitra report surge in profit

Indocitra report surge in profit

JAKARTA (JP): PT Indocitra Finance, a multifinance company listed on the Jakarta Stock Exchange, reported yesterday a more than 100 percent increase in its pre-tax profit for the first nine months this year.

As of September 30, the company booked approximately Rp 2 billion (US$871,459) in pre-tax profit, compared to Rp 900 million in the first nine months of last year, a director of the company, Bukti Hutauruk, told reporters after an extraordinary meeting of the firm's shareholders.

He said the company expects a total pre-tax profit of Rp 4 billion this year.

The company formerly projected an increase of 100 percent in this year's profit, he added.

Hutauruk said that the profit jump was largely supported by a sharp increase in its loans to companies, which found difficulties in generating loans from banks due to tighter government control of bank loans.

He said Indocitra's total assets as of September were recorded at Rp 150 billion, including the Rp 30 billion lent to customers.

For the year 1996, the company expects a pre-tax profit of Rp 5 billion, he said.

Yesterday's meeting appointed Oebojo Gandasoebrata as the company's new president, Junifar Muchdi as a director and Glenn Gouw as a commissioner. (08)