The property unit
of Sinar Mas Land, Bumi Serpong Damai (BSD), reported a 73% increase in profit
for the first six months of this year, owing to a stake purchase in property
developer, Plaza Indonesia Realty.
According
to the company’s filling to the Indonesia Stock Exchange (IDX), net income increased
to Rp2.6trillion ($226million) within the January to June period, from Rp1.5trillion
last year.
In
a different statement, BSD owed the rapid profit growth to its purchase of 34.22%
of Plaza Indonesia, during April, making it the major shareholder. The company runs
the Plaza Indonesia shopping mall, Central Jakarta.
However,
BSD’s revenue depleted by 17% to Rp2.4trillion.
Meanwhile,
other property developer, Pakuwon Jati’s net income increased by 3% to Rp905.7billion.
Revenue grew by 13% to Rp1.8trillion.
Based in
Suabaya, Pakuwon aims for its revenue to increase by between 10 and 20% this
year. Revenue reached Rp3.03trillion during 2013.
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