Bloomberg Ciputra Property May Have Doubled Profit in 2008 as Sales Rise

Ciputra Property May Have Doubled Profit in 2008 as Sales Rise 2009-03-25 11:29:41.824 GMT

By Berni Moestafa
March 25 (Bloomberg) -- PT Ciputra Property, a unit of Indonesia's third-biggest property developer, likely doubled its profit last year on increased revenue from its hotels and malls, a company official said.

Ciputra Property met its 2008 profit target of 184 billion rupiah ($16 million), said Christy Grassela, investor relations and finance manager at the company. The company had a profit of 91 billion rupiah in 2007, according to Bloomberg data. Rent
income from hotels and malls contributed most of last year's revenue growth, Grassela said by phone in Jakarta today.

Jakarta-based Ciputra Property will announce its 2008 earnings on March 31, Grassela said. The stock advanced 19 percent to 162 rupiah today, the steepest increase since Nov. 3. The Jakarta Composite index fell 1.1 percent. The company is a unit of PT Ciputra Development.

For Related News and Information:
Ciputra Property's shareholders: CTRP IJ PHDC1
Stock index one-year price graph: JCI GP
Stories on Indonesia's stock market: TNI INDO STK BN
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--Editor: Ang Bee Lin.