Lippoland reports 45% profit increase<\/p>\n
JAKARTA (JP): PT Lippoland Development reported yesterday a 45
\npercent increase in its net profit to Rp 31.2 billion (US$13.5
\nmillion) in the 1994\/1995 fiscal year which ended in June, from
\nRp 21.5 billion in the previous year.<\/p>\n
Lippoland's president, Roy Edu Tirtadji, told journalists
\nafter the company's annual shareholders meeting that the profit
\nincrease was supported by the sharp growth of the company's
\nrevenues to Rp 217.4 billion from Rp 44.2 billion.<\/p>\n
The company's earning per share also increased to Rp 126 in
\n1994\/1995 from Rp 86 in 1993\/1994.<\/p>\n
Roy said Lippoland was able to maintain its sustainable growth
\nbecause 80 percent of its operation is focused on urban
\ndevelopment, including the construction of integrated residential
\nand industrial estates.<\/p>\n
He said that because almost all of the company's major
\nprojects are now at the finishing stage of development, next
\nyear's revenues could be much higher than the current level.<\/p>\n
Lippoland now controls two large urban development areas in
\nBekasi and Tangerang, both in West Java.<\/p>\n
Roy said that after raising Rp 348.4 billion from a rights
\nissue in October 1994 on the Jakarta Stock Exchange, Lippoland
\nincreased its stake in the Lippo Cikarang industrial estate in
\nBekasi from 44 percent to 60 percent and bought controlling
\ninterest of 51 percent in the Lippo Karawaci housing complex in
\nTangerang.<\/p>\n
The equity acquisition enabled an increase in the company's
\ntotal assets from Rp 304.3 billion as of 1994 to Rp 2.28 trillion
\nas of June, he said<\/p>\n
Yesterday's meeting also approved the distribution of a Rp 30
\ncash dividend per share and accepted the resignation of Markus
\nPermadi from the board of commissioners, as well as Stanly
\nSetiady and Bertha Setiady Unggul from the board of directors.<\/p>\n
They are respectively replaced by Agus Ismail Ning, Erry
\nFirmasyah and Yusuf Valen. The company also appointed Edi Sindoro
\nas a director.<\/p>\n
Ray said that Markus resigned because of his tight schedule as
\npresident of Bank Lippo. The reasons for the resignations of
\nStanly and Bertha were not made clear.<\/p>\n
In an extraordinary session following yesterday's annual
\nmeeting, the shareholders of the company also endorsed the
\nmanagement's proposal to buy 11,340 hectares of land located at
\nLippo Karawaci, which is owned by Lippoland's subsidiary, PT
\nLippo Village.<\/p>\n
The transaction will be executed by Lippo Group's affiliated
\ncompany, PT Lippo Hyundai Development, in which Lippo Group holds
\na 50 percent stake, at a cost of $7.93 million. (08)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/lippoland-reports-45-profit-increase-1447893297",
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