Ciputra Development to distribute dividends

JAKARTA (JP): PT Ciputra Development, a property developer whose net profit surged by 3,775 percent last year, announced that it will distribute Rp 22.5 billion (US$10 million), or 22 percent, of its profit as dividends to its shareholders.

After an annual meeting of the company's shareholders yesterday, Harun Hajadi reported that shareholders will have the right to get Rp 89 for each share.

He explained that the company's after-tax profit rose to Rp 103.97 billion (Rp 438 per share) last year from Rp 2.68 billion (Rp 16 per share) in 1993.

"About 86 percent of last year's profit came from the sales of housing complexes and the remainder from hotels and shopping centers," Harun said.

The company's revenues rose 364 percent to Rp 428.42 billion in 194 from Rp 92.4 billion in 1993, he said.

Harun said the shareholders yesterday appointed Piek Mulyadi as the company's new chief commissioner to replace Omar Abdalla, who died recently.

Ciputra Development, which is listed on the Jakarta Stock Exchange, is 40 percent owned by PT Ciputra Corporation, 7.20 percent by PT Danarta Devindo, 7.20 percent by PT Mahacita Lestari, 4.80 percent by PT Buanasentosa Makmurindah, 4.8 percent by PT Citra Tiwikrama, 4.8 percent by PT Arenabina Makarti, 2.70 percent by business tycoon Ciputra, 20 percent by public investors and the remainder by a number of parties with an ownership percentage below two percent.

Ciputra Development's total assets rose 53.1 percent to Rp 1.59 trillion as of last December from Rp 1.04 trillion at the end of 1993. (31)