Ciputra sees profit up

JAKARTA (JP): PT Ciputra Development, a publicly listed property company, expects its net profit to grow 19 percent to Rp 156.4 billion (US$64.4 million) this year.

Company director Harun Hajadi said yesterday revenue was projected to increase by 30.4 percent to Rp 736 billion.

He said the net profit increased by 35.7 percent to Rp 31.2 billion in the first quarter of this year, over the same period last year.

The company's net profit grew 41.2 percent to Rp 131.4 billion last year.

Harun said the company's general meeting of shareholders agreed yesterday to distribute 23.4 percent of its 1996 profit, or Rp 41 per share, as dividend.

The company's meeting of shareholders agreed to increase the company's equity at PT Citraland Estate to Rp 241.5 billion. PT Citraland Estate is developing the CitraRaya Tangerang housing project. (jsk)