Property firm's profit up

Property firm's profit up

JAKARTA (JP): PT Ciputra Development, a property company listed on the Jakarta Stock Exchange, announced a 3,763 percent increase in after-tax profits to Rp 103.65 billion (US$46 million) in 1994 over the previous year.

A company director, Harun Hajadi, said in a statement here yesterday that the profit surge was caused mainly by last year's sales of new houses in Jakarta and Surabaya, East Java, and the modification of accounting principles.

The sales of those houses contributed 86.4 percent to last year's revenues of Rp 432.1 billion, he said.

He said the company's total assets increased by 54.6 percent to Rp 1.6 trillion -- consisting of Rp 607.99 billion in equity and Rp 1 trillion in liabilities -- as of last December from Rp 1.04 trillion as of the end of 1993. (riz)