UBS Bakrieland Development (ELTY Neutral PT 305): Q110 financials in-line

ELTY’s Q110 net profit came-in at Rp28 bn (+7% YoY), supported by higher revenue (Rp206 bn, +27% YoY) and operating income (Rp33 bn, +28% YoY).

ELTY Q110 revenue is 50% contributed by City Property, followed by Hotel & Resort, Landed Residential and Infrastructure with 29%, 17% and 5% contributions.

For 2010, ELTY is targeting Rp1.3 tn in revenue (+25% YoY).

Sales comment: ELTYQ110 results is in-line with UBSe 2010 projections.