PT Dharmala Sakti projects Rp 98.4b profit this year

JAKARTA (JP): Dharmala Group's financial arm PT Dharmala Sakti Sejahtera expects a 20 percent rise in consolidated net profit from Rp 82 billion last year to Rp 98.4 billion (US$41.6 million).

"We expect at least the same profit growth this year as last year," the company's president, Tjan Soen Eng, said after the company's shareholders meeting yesterday.

Tjan said the company would improve its service to reach the target.

Dharmala Sakti has 20 business units in the banking, insurance and finance, consultancy, capital markets and venture capital sectors.

The company's consolidated net profit rose 21 percent to Rp 82 billion last year, while the value of its assets rose 21 percent to Rp 3.05 trillion.

At the meeting shareholders approved a Rp 125 dividend, or 49 percent of earnings per share.

The company's banking units had total assets of Rp 1.46 trillion or 48 percent of last year's consolidated assets, its financial units Rp 1.43 trillion (47 percent), its insurance units Rp 132 billion ( 4 percent) and its securities subsidiaries Rp 37 billion (1 percent).

Dharmala Sakti set up a joint venture with Korea Leasing Corporation last June.

The new company, PT KLC Dharmala Finance, is 20 percent owned by Dharmala, 20 percent by the PSP Group and 60 percent by Korea Leasing Corporation.

The company also set up a joint venture capital company with H&Q Asia Venture Management Ltd, called PT H&Q Asia Pacific.

This firm is 40 owned by Dharmala and 60 percent by H&Q.

Shareholders also approved a one-for-three bonus share issue and the splitting of the stock's nominal value from Rp 1,000 to Rp 500.

This will increase the company's listed shares from 324 million to 864 million. (jsk)