PSP to see more profits

PSP to see more profits

JAKARTA (JP): PT Putra Surya Perkasa, a private real estate
developer, estimates a 316 percent increase in this year's net
profits which will be due to a growth in sales.

The company's senior vice president, Jacob Kang, told
reporters over the weekend that his company will likely see a net
profit of Rp 80 billion (US$36.73 million) this year, more than
three times last year's profits of Rp 19.23 billion.

"Last year, we just focused on the business of property
rental. This year we will expand the business by selling houses
of our real estate projects," he said. He added that 92.24
percent of this year's profit were expected to come from housing
sales and 7.76 percent from property leasing.

PSP, whose property assets include the Prapanca Apartments,
Pondok Club Villas and the Wisma Bank Dharmala office building,
is scheduled to open Ibis Slipi, a three-star 345-room hotel in
West Java, on Saturday.

The hotel, managed by Accor, has been established with an
investment of $20 million. (icn)