Ometraco's profit rises

Ometraco's profit rises

JAKARTA (JP): Ometraco Corporation posted a profit increase of 37 percent to Rp 36.7 billion (US$16 million) during the first nine months of the year from Rp 26.9 billion recorded in the same period of last year.

The company announced yesterday that the profit increase was mainly due to its acquisition of Bank Tiara and Asuransi Atraco earlier this year.

From its banking services, its before-tax income amounted to Rp 22.5 billion, compared with only Rp 7.4 billion in the same period of last year. Bank Tiara alone saw its net profit jumping by over 56.8 percent.

From its multifinance services, its income surged fivefold to Rp 54.8 billion due to its receipt of a loan worth $100 million this year that enable the company to expand its businesses.

Ometraco focuses its business on industries that are rapidly growing in Indonesia: finance, electricity and communication infrastructure and food and pharmaceutics. (13)