Mulialand's profit up 47%

JAKARTA (JP): PT Mulialand, a publicly-listed property company of the Mulia Group, booked a net profit of Rp 56.9 billion (US$24,24 million) in the first six months this year, an increase of 47 percent over the same period last year.

The company announced yesterday that the profit increase was in line with significant revenues growth during the six month period.

The increase revenues was a result of sales from the Wisma GKBI building, which was acquired by the company early this year, in addition to an increase in the sales of its Taman Anggrek condominium.

Net sales in first half of this year reached Rp 268 billion compared to Rp 185 billion in the same period of last year. Sales of Taman Anggrek condominiums alone accounted for Rp 185 billion, up from Rp 102 billion of last year.

"The acquisition of the Wisma GKBI building has increased our rental office space in Jakarta's golden triangle area by 33 percent to 365,500 square meters," a director of the company Thaja Sathiadi said in a statement.

Sathiadi also said that the company has obtained rental commitments for up to 93 percent of its office spaces in the Wisma GKBI building and 96 percent of its 95,000-square-meter Taman Anggrek shopping mall. The management projects a 49 percent profit increase to Rp 140 billion this year. (alo)