Lippo Securities' profit surges to Rp 236 billion

JAKARTA (JP): Publicly listed securities firm PT Lippo Securities announced yesterday that its consolidated operating profit surged 600 percent to Rp 236 billion (US$52.44 million) in the first nine months of this year.

The company said in a statement yesterday that it expected to book a total net profit of Rp 140 billion in 1998.

The company's income before tax for this year's January to September period increased by 522 percent to Rp 162 billion, while its net profit increased by 122 percent to Rp 58 billion.

Lippo Securities' president, Charles De Queljoe, said Lippo Securities' strong results through last September reflected the company's strategic competitive position and its effective consulting and investment banking services.

"The company views 1998 with cautious optimism as we believe that there will be a strong demand for corporate advisory services with an emphasis on restructuring, mergers and acquisitions," he said.

Lippo Securities is one Indonesia's leading and most diversified banking, life insurance and investment services group.

The company's total assets are in excess of Rp 14.6 trillion.

Its customer base totals more than 1.9 million clients served by the group's 7,216 employees through 462 offices in Indonesia.

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 Securities shares are listed both on the Jakarta and Surabaya stock exchanges. (aly)