Mar 23, 2011

Agung Podomoro FY10 profit up 588%

Property developer PT Agung Podomoro Land Tbk (APLN), newly listed company, recorded a 1,085.37% jump in operating profit last year as sales and operating revenue surged.
In a financial statement published today, the company posted IDR293.38 billion operating profit last year from IDR24.75 billion in the previous year.
Gross profit surged 112% to IDR611.55 billion from IDR287.93 billion.
Sales and operating revenue augmented 126.49% to IDR1.94 trillion from IDR855.95 billion. However, cost of goods revenue also jumped 133.65% to IDR1.33 trillion from IDR568.02 billion.
At the bottom line, the company's net income surged 588.72% to IDR241.88 billion from IDR35.12 billion as it recorded profit from association companies of IDR47.92 billion.
In a morning note published my Mandiri Sekuritas recently, Agung Podomoro has set an ambitious IDR5.5 trillion sales target in 2011, which will be expected mainly from Green Permata, Pos Pengumben, (GP) and Central Park (CP), and also to include the newly acquired GP.
"We went visit to APLN’s several main projects yesterday, including Podomoro City, Kuningan City [KC], Green Bay Pluit [GB], Green Lake Sunter [GL]. and the newly acquired Green Permata, Pos Pengumben [GP], and took some highlights as follow," the notes said.

Disclosure: No position at the stock mentioned above.

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