JAKARTA (Yosefardi) – PT MNC Kapital Indonesia (BCAP) Tbk, financial services arm of MNC Group, booked net profit of Rp9.5 billion in the first quarter of 2013, plummeted 81% from the corresponding period of 2012.

MNC Kapital, controlled by Harry Tanoesoedibjo family, generated Rp160 billion of revenues in the quarter, grew 11.5% from the first quarter of 2012.

General & administrative expenses, however, jumped 30% to Rp69.37 billion. Claims and benefits also skyrocketed to Rp19.5 billion from Rp7.77 billion, while net commissions doubled to Rp11.37 billion.

Bank interest and charges also surged more than 100% to Rp28 billion, cutting substantially its net profit by 81% to Rp9.5 billion.