Dec 17, 2010

Lippo Karawaci eyeing Rp701 bio profit

Property developer PT Lippo Karawaci Tbk (LPKR) targets to earn IDR3.73 trillion revenue next year, rising 24.1% from revenue this year and to make IDR701 billion in net profit, increasing by 33.5%.
President Director Lippo Karawaci Ketut Budi Wijaya said that such significant profit growth could be obtained by selling assets of malls and hospitals to two Singaporean real estate investment trustees (REIT), boosing net income two folds to IDR150 billion.
“We will keep constructing amid the strong momentum of residential building sales and we are expanding hospital business, malls and asset management. We will also intensify and accelerate our asset-light strategy to create more big profit,” he said in a press release.
Apart from selling assets to REIT, the company will boost operating profit to make 22.4% increase although the cost is predicted to rise because of the construction of new hospitals and malls in 2011.

Disclosure: No position at the stock mentioned above.
 
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