Developer reports profit

Developer reports profit

JAKARTA (JP): PT Ciputra Development, a property developer,
reported yesterday an estimated after-tax profit of Rp 56.32
billion (US$26 million) during the first semester of this year.

Harun Hajadi, a director of the company, said that the
estimated profit represents 55 percent of the company's projected
profit for 1994.

In the January-June period, the company gained revenues of Rp
235.2 billion, contributed mainly by several projects starting
operations. They include the CitraLand Hotel in Jakarta, the
CitraLand City housing estate in Surabaya, East Java, and the
CitraLand Mall in Semarang, Central Java.

Several projects are also under construction, including the
CitraLand Hotel in Semarang and the CitraLand Regency Apartments
in Jakarta.

Harun said the company's consolidated assets increased to Rp
1.04 trillion as of June from Rp 1.39 trillion as of December
1993. (05)