Lippo Securities' profit surges to Rp 236 billion

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)