STIC maintains profit

STIC maintains profit

SINGAPORE (Reuters): Infrastructure based Singapore Technologies Industrials Corp (STIC) is maintaining its 15 percent profit growth target for 1998 despite the unrest in Indonesia, a top company official said yesterday.

After a news conference to announce the merger of STIC and SembCorp, Ho Ching, president of Singapore Technologies Pte Ltd, the parent of STIC, told Reuters his company was holding to its forecast

Government-owned Singapore Technologies holds 70 percent of STIC, which operates industrial parks and hotels in Indonesia.

The group has three industrial parks. Two are on Indonesia's Batam and Bintan islands and the third in Wuxi, China.

"It will not impact our growth because if you look at our Indonesian exposure, it is not as if we have got manufacturing companies in Indonesia or operations in Indonesia where there are problems," she said.

"We are just managing industrial parks, where the clients are international and exporting, not producing for the domestic market," Ho added.