Ciputra sees 130% jump in net profit for 2010

JAKARTA. Publicly listed property firm Ciputra Property has seen its net profit jump 130 percent for the full year of 2010 to Rp 171 billion from Rp 74 billion in 2009, an executive says.

“The property sector is enjoying the hefty growth of the country’s economy this year. As we all know, Indonesia’s economy is among the most attractive investment destinations this year, so the economy is expanding,” said Artadinata Djangkar, the firm’s executive director and corporate secretary.

Revenue, he added, would also jump by 3 percent to Rp 348 billion from Rp 337 billion in 2009.

“The net profit jump was mainly due to the increase in performance of Mal Ciputra Jakarta, Hotel Ciputra Jakarta, Mal Ciputra Semarang, Hotel Ciputra Semarang and the myHome apartments at Ciputra World Jakarta,” he told reporters at Ciputra World Marketing Galery in Jakarta.

With this positive performance, Ciputra is eyeing its assets to reach Rp 3.9 trillion by the end of the year, Artadinata said.

Listed on the Indonesia Stock Exchange since 2007, Ciputra currently has 10 hectares of land banks (you mean actual land banks, i.e. banks that loan money for land, if so – they cannot be counted in hectares? throughout the archipelago. (thejakartapost)