PT Dharmala Sakti projects Rp 98.4b profit this year

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)