Jababeka posts 56 percent increase in net profit
JAKARTA (JP): Publicly listed PT Kawasan Industri Jababeka posted a 56 percent increase in net profit to Rp 101.6 billion (US$35.64 million) in the first semester this year from Rp 65.1 billion in the same period last year.
The company, which manages and develops housing and industrial estates, said yesterday that the company also booked a 72 percent increase in net sales to Rp 309.8 billion in the January to June period this year from Rp 180.3 billion in the corresponding period last year.
"The industrial estates contributed about 82 percent to the company's net sales," Iwan Putra Brasali, the company's vice president said.
He said the housing estates accounted for 15 percent of net sales and infrastructure and office space accounted for the remaining 3 percent.
He said industrial estate sales declined during the general election campaign earlier this year, especially in April and May.
Iwan said the rupiah's depreciation against the U.S. dollar did not have a negative impact on the company's performance as the company generated most of its revenue in the U.S. dollar.
Iwan said debts totaled US$194.5 million as of June 1997 but this did not pose a problem even though there was a sharp drop in the rupiah because the company also had cash and deposits in dollars worth $119.6 billion.
"The rupiah's fall against the American greenback will even provide a gain for Jababeka," Iwan said.
PT Kawasan Industri Jababeka will start the development of industrial estates in Cilegon following the groundbreaking ceremony on September 9.
Jababeka is currently developing an integrated industrial estate in Cilegon, West Serang with a total investment of about US$600 million.
The new 1,300 hectare industrial estates will accommodate big industries such as petrochemical industries, machinery, electronic and the marine industry.
Jababeka had previously set up PT Gerbang Teknologi Cikarang, a joint venture between PT Kawasan Industri Jababeka and Singapore Investment Pte. Ltd., to develop a high tech estate in the Cikarang estate, West Java.
The groundbreaking of this company is expected to be in early October this year.
The listed Kawasan Industri Jababeka has obtained a license to develop 4,270 hectares of land consisting of 1,570 hectares in Cikarang industrial estate, 1,400 hectares in new Cikarang Kota Hijau housing estate and 1,300 in Cilegon industrial estate in Serang, West Java.
Earlier this month, the company, through its Dutch subsidiary Jababeka International BV, issued three-year floating rate notes worth US$150 million to support its industrial estate expansion.
The funds will be used to finance the land clearance of the Cilegon industrial estate, in Serang, West Java and to acquire 76.5 percent of PT Batavia City Realty and Batavia Perkasa.
PT Batavia Perkasa is developing a shopping and office complex in Jakarta. The shopping complex will occupy 60,000 square meters of land, while the office complex will occupy 75 square meters. (aly)