Sumarecon cancels sales

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)