Dec 22, 2010

Surya Semesta profit to reach Rp100 bio

Property developer PT Surya Semesta Internusa Tbk is seeking a consolidated net income of more than Rp100 billion at end of this year.
Of the consolidated net income, the company estimates Rp65 billion coming from continuing operations.
Surya Semesta, in an official statement submitted to Indonesia Stock Exchange yesterday evening, estimates that 2010 net income to rise 5 folds compared to Rp17.6 billion last year. 
The income rise is fully underpinned by a steep increase in net income of the company's subsidiary dubbed PT Suryacipta Swadaya (SCS), developer of Suryacipta City industrial estate managing 1,400 hectares land in Kerawang, West Java.
By December 2010, SCS is projected to sell 41 hectares of land, a sharp increase from 5 hectares last year.
SCS and Surya Semesta's subsidiary namely PT TCP Internusa (TCP), owner of Graha Surya Internusa and Glodok Plazadi buildings, are estimated to contribute 54% of consolidated net income for Surya Semesta and 14% of consolidated revenue.
In addition, Surya Semesta's consolidated net income is underpinned by contractor company PT Nusa Raya Cipta which 83.3% owned by Surya Semesta.
In hotel business, Surya Semesta's subsidiary PT Suryalaya Anindita International, owner of Grand Melia Hotel Jakarta and Melia Bali Villas & Spa Resort, estimates to post a stable revenue in 2010.
Disclosure: No position at the stock mentioned above. 

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