Aug 2, 2010

Modernland 1H profit falls 66.60%

Publicly listed property developer PT Modernland Realty Tbk (MDLN) suffered a 66.60% drop in earning during the first 6 months this year due loss of associated companies.
In a public announcement today, Modernland posted Rp1.74 billion of net profit or Rp0.57 per share in 1H 2010 from a year earlier of IDR5.21 billion or Rp1.70 per share.
Modernland booked loss of associated companies worth Rp7.68 billion in 1H 2010, transforming other gains of Rp3.81 billion in 1H 2009 to other charges worth Rp10.26 billion.
Interest charges also increased from Rp10.96 billion in 1H 2009 to Rp11.31 billion in 1H 2010. In return, the charges steeply eroded operating profit. The company posted Rp12.44 billion of operating income in 1H 2010, a 226.51% jump compared to the same period last year of Rp3.81 billion.
Modernland's revenue increased 9.65% from Rp83.35 billion in 1H 2009 to Rp91.39 billion in 1H 2010. MDLN jumps 7.79% to Rp166 per share, sending its market capitalization of Rp507.44 billion. 
 
Disclosure: No position at the stock mentioned above. 

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