Property developer profit news

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.

Growth in Indonesia's Developer Companies

Bumi Serpong Damai (BSD), one of Indonesia’s largest developers, has announced company organic growth during the first quarter of 2014 at approximately 43%. This is as Rp1.25trillion organic revenue was gained, outperforming last year’s Rp877.54billion gain.

Approximately 44% or Rp549.36billion of this first quarter revenue, owes to the residential sector, rising by approximately 70% year over year. The sale of lots was the second largest generator of revenue, with Rp284.49billion.

 

The commercial sector sales took the lead in growth during the first quarter, growing by eightfold to Rp191.58billion compared to the Rp23.9billion during the same quarter last year.

 

Furthermore, Ciputra Development doubled its shop house and residential sales to Rp834.62billion rin the first quarter of the year compared to Rp481.92 during the same quarter last year.

 

Agung Podomoro Land saw its first quarter revenue grow from Rp1.12trillion last year to Rp1.16trillion; as it also saw its profit grow slightly from Rp272.4billion to Rp281.58billion.

 

Agung Podomoro Land’s marketing sales grew during the first quarter by 6% year over year to Rp1.83trillion. Harco Glodok, the company’s electronic shopping centre in West Jakarta, generated 32% of the total figure - followed by, alongside other complexes, the housing complex Orchard Park Batam of the Riau Islands generating 27.2%; Podomoro City Deli Medan super blocks of North Sumatra generating 12.7%; and Podomoro City Extension of West Jakarta generating 8%.

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