Property developer PT Intiland Development Tbk (DILD) today reports a steep jump in net profit by 3,446.42% in the first half this year as a result of soaring revenue as well as gain on sale of long term investments.
In 1H 2010's financial report submitted today to Indonesia Stock Exchange (IDX), Intiland posted Rp223.07 billion of net profit or Rp57 per share from the same period last year of Rp6.29 billion or Rp2 per share. The company booked Rp136.68 billion of gain on sale of long term investments in 1H 2010.
On June 21 2010, Intiland's subsidiaries, PT Intiland Grandi and PT Taman Harapan Indah sold stakes in PT Grand Interwisata to PT Sejahtera Saktinusa at Rp158 billion. In return, Intiland Grandi posted Rp136.68 billion of gain on sale of investment.
Intiland Development booked Rp169.32 billion of operating income in 1H 2010, a 285.34% jump from a year earlier of Rp43.94 billion.
Revenue also skyrocketed 192.88% from Rp134.07 billion in 1H 2009 to Rp392.67 billion in 1H 2010. In line with a higher revenue, cost of goods sold ballooned 133.98% from Rp194.56 billion in 1H 2009 to Rp455.24 billion in 1H 2010.
Disclosure: No position at the stock mentioned above.
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