Publicly listed property developer PT Bakrieland Development booked a 98.5 percent increase in audited net profit last year due to robust sales.
Bakrieland posted a net profit of Rp 134.2 billion (around US$14.5 million) in 2007, from Rp 67.6 billion recorded in the previous year, a media statement said Monday.
President director Hiramsyah Thaib attributed the profit jump in particular to the 98.9 percent rise in sales, from Rp 393.2 billion in 2006 to Rp 782.5 billion last year.
"We have focused on middle to higher income earners who have a stable financial position and who are looking for a good product with a high investment yield," Hiramsyah said of the firm's strategy in achieving high sales growth.
The company develops housing and office buildings as well as transportation infrastructure. Its major projects include Rasuna Epicentrum and Bogor Nirwana Residence.
Hiramsyah also said the firm would hold a general meeting to seek shareholder approval for the planned sale of the Bakrieland unit which is developing Rasuna Epicentrum to Limitless LCC, a Dubai World subsidiary, for $110 million.
Turning to this year, Hiramsyah said the company was targeting around 40 percent growth in sales to Rp 1.1 trillion.
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