Steady Safe reports profit jump

Steady Safe reports profit jump

JAKARTA (JP): Publicly-listed transport firm PT Steady Safe booked a net profit of Rp 26 billion (US$11.3 million) in the first nine months of this year from its total revenues of Rp 65 billion, the company announced yesterday.

The company's newly appointed vice president, Handoko Gunawan, said after an extraordinary meeting of the company's shareholders here that the net profit reflected an increase of 150 percent over the same period of last year.

The company expected a net profit of Rp 34 billion this year, he said.

He said that the increase of the profit was caused mainly by the operation of a number of new buses in the greater Jakarta area this year.

The company operates 250 buses this year, compared to only 48 buses last year, and 2,700 taxi cabs.

Yesterday's meeting appointed Handoko as vice president, Widodo Budidarmo, a former commissioner of Bank Papan Sejahtera, as chief commissioner and Nazamudin Latief as a commissioner. Widodo and Nazamudin respectively replaced Sunaryo and Johny Hashim.

The shareholders also approved the management's plan to distribute Rp 16.9 billion as cash dividends and share dividends. (08)