Bakrieland posts Rp 89b net profit

The Jakarta Post, Jakarta

Publicly listed property developer PT Bakrieland Development (Bakrieland) is confident about achieving strong full-year profits after posting a 168 percent rise in net profit in the first nine months compared with a year earlier.

President director Hiramsyah S. Thaib said that the company's net profit rose to Rp 89 billion from Rp 33 billion in the same period last year, with operating profit surging to Rp 102 billion from Rp 36 billion.

"The net profit rise was supported by a solid performance in sales, which amounted to Rp 507 billion, including Rp 137.9 billion in sales of landed residential sales and Rp 8.6 billion in hotel and resort project sales," Hiramsyah said Thursday in a press statement.

The company is developing projects in a number of strategic locations, including the 1,000-hectare Bogor Nirwana Residences complex, and the Bali Nirwana Resort and Krakatoa Nirwana Resort. Bakrieland will also acquire another 140 hectares of land in the Bogor Nirwana Residences area by the end of the year.

Bakrieland also manages the Rasuna Epicentrum, a 53.5-hectare super block project in one of Jakarta's business districts.

Bakrieland's market capitalization stood at Rp 11.17 trillion, or 0.6 percent of the Jakarta Stock Exchange's total market capitalization, as of Nov. 13. (tif)
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