Ramayana profits up 79%

Ramayana profits up 79%

JAKARTA (JP): The owner and operator of Ramayana Department
stores, PT Ramayana Lestari Sentosa, posted a 79 percent increase
in net profit to Rp 61 billion (US$23.01 million) in the first
semester this year from the corresponding period last year.

The company said yesterday the rupiah's depreciation against
the American greenback over the past few weeks did not have a
significant impact on the company's performance as it had no
exposure to foreign currency debts.

"The company does not have any dollar loans and Ramayana still
has deposits worth Rp 173 billion in banks," Ramayana's finance
director Setiasa Kusuma said.

He said the government's tight monetary policy which brought
the time deposit rate to about 30 percent per annum had benefited
the company.

"Ramayana has to revise up the interest income to Rp 30
billion from the previously projected Rp 18.5 billion due to
higher rates," the company said.

Though the rupiah's depreciation had no affect on the company,
Ramayana did not revise up its net profit this year.

"Previously we projected the net profit to reach Rp 105
billion this year and we did not revise it up," he said. (aly)