Ciputra Development to expand business into apartments<\/p>\n
JAKARTA (JP): PT Ciputra Development, a real estate developer
\nlisted on the Jakarta and Surabaya stock exchanges, will
\nconstruct apartments, a housing complex and hotels this year with
\nfunds retained from its earnings.<\/p>\n
The company's marketing director, Harun Hajadi, told reporters
\nafter an annual meeting of its shareholders here yesterday that
\nthe company will begin the construction of Citraland Regency
\nApartments on a 13.5-hectare area within the so-called Golden
\nTriangle of Sudirman, Gatot Subroto and Rasuna Said streets in
\nJakarta before year's end.<\/p>\n
Harun said the company will also develop Citra Grand City, a
\nhousing complex, on a 1,000-hectare area in the West Jakarta;
\nCitraland Hotel in Semarang, Central Java; and the second phase
\nof the 1,000-hectare Citraland City, a housing complex in
\nSurabaya, East Java.<\/p>\n
He said the projects will be financed partly with the
\ncompany's retained profits.<\/p>\n
The company's retained earnings rose to Rp 30.04 billion
\n(US$13.91 million) last year from Rp 27.35 billion in 1992, while
\nits after-tax profit dropped to Rp 2.68 billion (Rp 16 per share)
\nfrom Rp 8.72 billion (Rp 58 per share).<\/p>\n
Harun explained that last year's lower profits were caused by
\nan adjustment of the company's accounting system to a new
\nstandard, which has caused it to shift part of its sale revenues
\nin 1993 to its 1994 financial report.<\/p>\n
He said the accounting adjustment will likely cause a 420
\npercent increase in the company's revenues to Rp 482.5 billion
\n($223.38 million) this year.<\/p>\n
Ciputra Development has thus far developed Citra Garden, a
\nhousing complex in West Jakarta; Citraland Mall and Hotel, also
\nin West Jakarta; Citraland Mall in Semarang and Citraland City in
\nSurabaya.(02)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ciputra-development-to-expand-business-into-apartments-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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