(MENAFNEditorial)
JAKARTA May 21 2015—PT PP Properti Tbk. sets to book net profit worth IDR320 billion this year following its IPO and enlistment in IDX.
President Director of PP Properti (PPRO) Galih Prahananto said the company posted IDR80 billion net profit in Q1/2015. He refused to reveal the company’s revenue in the period. If the company consistently maintains its performance he believes net profit may reach above IDR300 billion this year three times higher than IDR106 billion in 2014 with revenue at IDR555 billion.
“In H2/2015 we will be more excited to boost performance though the news says that property business is weak. We hope Bank Indonesia may relax LTV limit to spur investment” he said in the press conference Tuesday (5/19).
PPRO sets to acquire at least 3-5 hectares of land each year for development of vertical residence. Its total land reserve now reaches 52 hectares.
Technical and Operational Director Galih Saksono said at present the company is working on seven residential projects worth a total of almost IDR22 trillion and managing 2 hotels in Jakarta and Bandung.
On the plan the company allocates IDR800 billion capex this year. 75% of it is from proceeds of IPO. FYI the subsidiary of PT Pembangunan Perumahan (Persero) Tbk. offered share IPO price at IDR185/share. Offering 4.91 billion shares the company reaped IDR908.78 billion from IPO. Read more..
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