Indocopper pays dividends

JAKARTA (JP): PT Indocopper Investama Corporation announced on Thursday it would distribute a cash dividend of Rp 702.86 per share for the 1999 financial year, a decrease from the Rp 2,146.16 dividend per share the previous financial year.

The decrease is attributable to the weakening price of gold and copper on the world market, according to the company.

The company said its earnings were dependent on the world's price of gold and copper because its main investment focus was on firms in the mining sector.

Indocopper, an investment firm which has a 9.36 percent stake in gold mining giant PT Freeport Indonesia, posted a net profit of Rp 14.50 billion in 1999, compared to Rp 48.22 billion the previous year.

Indocopper also has a 10 percent interest in PT Irja Eastern Minerals and a 9 percent stake in PT Mineserve International, both of which have so far failed to contribute to the company's revenues.(udi)