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)