Indocopper's profit up

JAKARTA (JP): PT Indocopper Investama Corporation, a mining subsidiary of the Bakrie Group, recorded a 62.8 percent increase in net profit to Rp 56.46 billion (US$23.5 million) in 1996, the company said yesterday.

The company said the increase was due to an increase in the dividends it received on its shares in PT Freeport Indonesia Company.

It would use the remaining profit to purchase 10 percent of PT Irja Eastern Mineral Co, amounting to Rp 2.1 billion.

It also allocated Rp 924 million of the profit to operating costs and Rp 863 million to the government-sponsored Yayasan Dana Sejahtera Mandiri foundation to alleviate poverty. (jsk)