Sumarecon cancels sales

JAKARTA (JP): PT Sumarecon Agung, a publicly-listed real estate developer, has canceled its plans to establish more apartments due to weakening demand, the company said in a repot yesterday.

"Construction of the apartments has been suspended until a more favorable time," the report said.

The report was made available to the press after the annual meeting of the company's shareholders at the Gading Sports Club in North Jakarta yesterday.

The president of the company, Soetjipto Nagaria, said in the report that Sumarecon sold 2,200 units of houses and shophouses.

Sales revenues from houses, shop-houses and land rights grew by 30 percent to Rp 204 billion last year, from Rp 156 billion in 1993.

He said the company's net profit increased by 16 percent to Rp 35.2 billion from Rp 30.3 billion.

In yesterday's meeting, the shareholders approved the distribution of Rp 14.1 billion of the company's profit as cash dividends, the equivalent of Rp 89 per share.

Sumarecon, founded in 1975, was listed on the Jakarta and Surabaya Stock Exchanges in 1990. It has developed a number of residential areas, including the Gading Serpong Damai and Royal Gading Golf Estate in Tangerang, west of here. (kod)