Bhuwanatala's profit jump

JAKARTA (JP): Publicly listed real estate and property company PT Bhuwanatala Indah Permai reported Saturday a 789.43 percent increase in net profit to Rp 4.04 billion (US$1.4 million) in the first half this year over Rp 450 million in the same period last year.

The company said its first semester 1997 sales surged 348.35 percent to Rp 38.02 billion from Rp 8.49 billion in the same period in 1996.

Its operating profit jumped from Rp 3.65 billion in the first semester of 1996 to Rp 20.18 billion this year.

The company manages hotels, retail properties and office space.

It owns and manages Plaza Bandung Indah I and II, the biggest shopping centers in Bandung, West Java.

It also owns Hotel Hyatt Regency Bandung which opened in August.

The company said that the tight money policy and the fall of the rupiah against the U.S. dollar would not affect its activities because its projects were completed. (08)