Business

PT Pos relies on financial
services

JAKARTA: State-owned postal firm PT Pos Indonesia says it expects its revenue to increase 15 percent to Rp 3 trillion (US$351 million) in 2011, up from Rp 2.6 trillion last year.

Vice president director Sukatmo Padmosukarso said on Thursday that around 20 percent of revenue would be generated from its financial services, which had a significant potential for future growth.

“From the point of view of profits,financial services are the most profitable,” he said on the sidelines of a ceremony marking 10 years of cooperation with global payment service firm Western Union.

Sukatmo added that the firm aimed to increase the contribution of Western Union from 40 percent last year to 50 percent of its total financial service revenue this year, while the rest would come from other domestic and international partners.

Out of the firm’s 3,700 post offices nationwide, 3,190 post offices provide money transfer services in cooperation with Western Union.

The firms have completed over 11 million inbound and outbound money transfer transactions totaling $3.26 billion between 2001 and 2010. — JP

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