Lippo Karawaci's profit 49% up

JAKARTA: PT Lippo Karawaci, a property developer with a market capitalization of about Rp 4.7 trillion (about US$468 million), booked a 49 percent increase in net profit as of the third quarter of the year.

In a media release received on Monday, the company said that during the January-September period it had recorded a net profit of Rp 278 billion, as compared to Rp 187 billion posted during the same period a year earlier.

The profit surge was attributable to a 34 percent rise in total revenue obtained over the same period, from Rp 1.12 trillion to Rp 1.50 trillion.

President director Viven G. Sitiabudi expected the company to continue to perform well heading to the end of the year, and was on course to achieve a full-year net profit of Rp 355 billion.

Euromoney magazine in early October listed the firm as the best developer in the country, and ninth in the Asia-Pacific region. -- JP