Citatah raises profit projection to $14.25m

JAKARTA (JP): Publicly listed marble maker PT Citatah has upgraded its net profit projection for this year from Rp 32.3 billion to Rp 33.8 billion (US$14.25 million).

The company's president, Taufik Johannes, said yesterday the upgrade was because of increased production capacity from its new plant in Karawang, West Java, which will start production this year.

"Sales are expected to reach Rp 127.4 billion this year," he said a the company's public presentation.

The company's net profit more than tripled to Rp 24.8 billion last year while net sales rose from Rp 34.5 billion to Rp 96.8 billion.

The company, which was established in 1974, listed on the Jakarta Stock Exchange (JSX) last July when it sold 44 million of its shares or 35 percent of its equity to the public.

The remaining 65 percent is owned by PT Megapasific Nusapersada, which is jointly owned by Taufik Johanes (55 percent), the firm's chief commissioner Arif Sianto (17 percent) and 28 percent by their families.

The company also has property sector interests.

Taufik said the company was completing its property projects which include the Puri Imperium Condominium , Menara 2000, JSX Building II, Casa Grande Apartment and Park Lane Hotel and its nine overseas projects, three of which are in the United States, four in Malaysia and two in Hong Kong.

This year the company confirmed contracts for BDNI's headquarter on Jalan Sudirman, Senayan Square Apartments, the renovation of Hotel Borobudur, Sudirman Condominium Tower B and Kintamani Apartment.

He said the BDNI headquarters project was worth US$15 million while the rest ranged from Rp 2 billion to Rp 3 billion.

The company has five quarries in Indonesia. (09)