Lippo Securities predicts rise in pretax profit

JAKARTA (JP): Publicly listed securities firm PT Lippo Securities has predicted its pretax profit will increase 154 percent to Rp 155 billion (US$58.5 million) this year from Rp 61 billion last year.

The company said Saturday its after tax profit would surge 185 percent to Rp 130.1 billion.

The company's president, Charles de Queljoe, said "Lippo securities looks forward to a strong pull year with a very good balance sheet and no exposure to foreign currency debt".

He said Lippo Securities booked a Rp 52.2 billion net profit in this year's first semester, a 243 percent rise on the same period last year.

The company said its corporate finance business would be the largest contributor to its 1997 and 1998 operating revenue.

During this year's first six months, the company carried out Rp 7 trillion worth of transactions on the Jakarta Stock Exchange, a 75 percent rise on the same period last year.

Lippo Securities has a 43.5 percent stake in Lippo Life, one of the country's largest life insurance companies.

It also has a controlling interest in Lippo Bank, one of Indonesia's leading commercial banks.

Lippo Life expects Rp 150 billion in net income in 1997, a 127 percent rise on 1996's Rp 66 billion, while Lippo Bank projects net income worth Rp 180 billion this year.

Lippo Securities has total unconsolidated assets of more than Rp 16 trillion and access to a consumer base of more than 1.9 million clients.

Its shares are listed on the Jakarta and Surabaya Stock exchanges and the company is worth Rp 1.3 trillion. (08)