Ciputra's profit up 41% last year

JAKARTA (JP): Publicly listed property developer PT Ciputra Development reported yesterday a 41 percent increase in net profit to Rp 131.4 billion (US$54.3 million) last year from Rp 93.1 billion in 1995.

The company's spokesperson, Nanik J. Santoso, said the profit growth was spurred by the purchase of three residential development projects.

The projects were CitraRaya Surabaya in East Java, CitraIndah Timur Cibubur in East Jakarta and CitraRaya Tangerang in West Java.

"Although the acquisition was financed by a rights issue, it did not dilute our earnings per share in 1996," Nanik said.

Earnings per share rose 35.4 percent from Rp 168 in 1995 to Rp 228 last year.

Nanik said the company was confident of achieving its net profit target of Rp 156.4 billion this year.

Total revenue is expected to rise 30.4 percent from Rp 564.5 million last year to Rp 736 billion this year. Most of the revenue is expected from the sale of houses in Greater Jakarta and Surabaya.

Sales from the Perumahan Citra Jakarta, CitraRaya Surabaya, CitraRaya Tangerang, CitraIndah Cibubur and CitraHarmoni Sidoarjo estates are expected to make up 87.2 percent of this year's revenue.

In addition to residential houses, Ciputra Development has several hotels and malls, including Ciputra Mall and Hotel in West Jakarta and in Semarang, Central Java, Ciputra Mall on Jl. Satrio, South Jakarta. It also owns Jakarta's Citra Regency Apartment. (rid)