Indosepamas profit rises
Indosepamas profit rises
JAKARTA (JP): PT Indosepamas Anggun, the manufacturer and exporter of Reebok and Adidas sports shoes, has reported a 230 percent increase in its consolidated after-tax profit to Rp 14.2 billion (US$6.6 million) in 1993 from Rp 4.3 billion the previous year.
The company's president, Franciscus Welirang, said yesterday that the company's earnings per share increased substantially to Rp 835 last year from Rp 269 in 1992.
The company's total assets increased to Rp 128.75 billion as of Dec. 1993 from Rp 53.13 billion as of the end of 1992.(fhp)
RI to hold ad contest
JAKARTA (JP): An advertising contest will be held here on May 25 to May 27 to encourage the creativity of advertising agencies, an executive says.
Koes Pudjianto, chairman of the Indonesian Association of the Advertising Agencies, told reporters here yesterday that Minister of Trade Satrio Budiardjo Joedono will open the contest at the Jakarta Hilton Convention Center.
Pudjianto said the contest is to be held during a three-month advertising festival, called Citra Pariwara 1994, which is organized by the association from April 23 to June 18.
The chairman said that the festival would display the process that goes into producing advertising in Indonesia and in industrial countries, such as France and the United States. He said that the festival would also strive to promote scientific developments in the advertising industry.(fhp)
Texmaco's sales increase
JAKARTA (JP): PT Texmaco Jaya, an integrated textile producer based in Central Java, reported a 20-percent increase in its net sales to Rp 259 billion (US$123.33 million) last year from Rp 215 billion in 1992.
The company, which is listed on Jakarta and Surabaya stock exchanges, announced here yesterday that its net profits rose by five percent to Rp 29.3 billion ($13.95 million) or Rp 636 per share in the same period.
Texmaco, which is engaged in both processing and weaving operations, exports most of its products to 21 countries in Asia, Europe and America.
The company said that the rise in its sales was mainly due to an upsurge in the demand from the overseas markets.(hen)
Austrade has new chief
JAKARTA (JP): A former Australian trade commissioner to Jakarta, Roger Bayliss, has returned to Indonesia as the new head of the Australian Trade Commission's (Austrade) Jakarta Office.
Austrade Jakarta has also been joined by a new trade commissioner, Julie Bayliss, whose product areas include communications and information technology, scientific and medical equipment, agricultural commodities, and automotive and industrial inputs.
The Australian Embassy said yesterday that the appointment of Roger Bayliss as senior trade commissioner for Austrade in Jakarta coincides with two-way trade, investment and promotional exchanges between Indonesian and Australia at an all-time high.
Bilateral trade in 1993 reached A$3 billion and an increasing range of investment opportunities is encouraging more than 1,000 Australian business people to visit Austrade Jakarta annually.(10)
KLSE restricts Maybank
KUALA LUMPUR (AFP): The Kuala Lumpur Stock Exchange (KLSE) has imposed trading restrictions on the stockbroking arm of Malaysia's largest bank, Maybank, and another firm for breach of rules, the exchange said yesterday.
It said in a statement that Maybank Securities Sdn Bhd and JB Securities Sdn Bhd, based in the southern state of Johore, would only be allowed to trade on a "nett selling basis" indefinitely.
This means that the firms will have to sell more shares, rather than buy shares, in terms of value at the end of each trading day, analysts said.
The KLSE said disciplinary action was taken against the two firms "due to the violation of certain KLSE rules" but did not elaborate.
The stockbroking industry has been abuzz with rumors recently that six stockbroking firms were to be penalized for trading violations.
HK property mart frenzied
HONG KONG (AFP): Mortgage restrictions by Hong Kong banks have had only "limited success" in curbing spiraling property prices, a leading bank report said yesterday.
Efforts to tighten lending in the past two years have been "limited by an influx of overseas money and developers' offers of special financing arrangements," said the latest Economic Report by Hongkong and Shanghai Banking Corp.
Despite the measures, the report said "the property market remains frenzied, slowing only occasionally for brief periods."
But it warned that without the measures even more dramatic price spirals and speculation could have occurred. It urged banks to maintain "prudent" mortgage lending polices.
The price of small to medium sized flats is estimated to have risen on average by more than 50 percent between the start of 1992 and the end of 1993, the report said. The price of large flats and homes rose by about 80 percent.
An average apartment now costs more than US$500,000 putting the British colony on a par with Tokyo in the world property prices table.
German GDP to grow 1.5%
BONN (AFP): The German economy is recovering towards growth of 1.5 percent this year from a slump of 1.2 percent last year, the main forecasting institutes said here yesterday.
But one of the six organizations, the Berlin DIW institute, was out of step, warning that the economy would grow by only 0.5 percent and that the west German economy would show zero growth.
The figures referred to real growth of gross domestic product (GDP), and Economy Minister Guenter Rexrodt noted that the forecast of 1.5 percent was exactly the same as the government's own forecast.
"The new report confirms in a convincing way that the forecasts made by the government...are absolutely well founded," he said in a statement.
Rexrodt said that since most of the economic indicators were showing that the recovery was gathering speed, there was a chance that the rate of growth might be "even better".
"The economic situation in Germany has improved," the institutes said in their spring report.
GDP had declined by 1.2 percent in 1993 after having grown by 2.1 percent in 1992.