New shopping centers

JAKARTA (JP): PT Duta Anggada Realty, a property company listed on the Jakarta Stock Exchange, will focus its business in the construction of shopping centers in the next three to four years, said a company executive.

"We plan to construct many shopping centers in the next three to four years to meet increasing demand for a wider range of sophisticated shopping facilities," the company's president, Hartadi Angkosubroto, said after an annual meeting of its shareholders yesterday.

He said the company will build shopping centers in Jakarta, Surakarta, Bandar Lampung and Denpasar.

He said the company, for example, will construct a shopping center on a 35,530-square-meter area in South Jakarta in 1998, which will include a 400-room hotel, a 100-apartment building, a shopping mall and an office building.

Duta Anggada has thus far established 17 properties.

Hartardi also said that the company will distribute dividends of Rp 11 billion or Rp 40 per share on Aug. 14.

He said the company's net profit had increased by 55.6 percent from Rp 19.9 billion in 1993 to Rp 30.5 billion in 1994, while its revenues rose from Rp 52.5 billion to Rp 78 billion.

Duta Anggada's total assets increased by 17.8 percent to Rp 775.1 billion as of the end of 1994 over the previous 12 months.(31)