Jababeka's profits up 50%

JAKARTA (JP): Industrial estate company PT Kawasan Industri Jababeka announced yesterday it had increased its net profits by 50 percent from Rp 91.6 billion (US$39.82 million) in 1994 to Rp 137.3 billion last year, in spite of the prevailing slump in the property market.

Sales in 1995 increased by 14 percent to Rp 348.9 billion, while gross profits grew by 15 percent to Rp 169.2 billion and pre-tax profits rose 37 percent to Rp 187.4 billion.

A statement from Jababeka said its profits managed to stay at a steady level because high margins from its industrial estates helped offset low margins from its sales of low-cost houses.

The increase in profits also resulted from Rp 27.1 billion worth of membership fees from the firm's golf club and an Rp 18 billion increase in interest revenues.

The firm's shareholders meeting agreed on a dividend of Rp 150 per share. An extraordinary meeting of shareholders also agreed to distribute bonus shares from an agio, providing one bonus share for every two shares. (pwn)