Mar 30, 2011

Intiland FY10 net income soars 12 folds

Property developer PT Intiland Development Tbk booked its net income by IDR350.5 billion for 2010 period of a higher of 12 times from IDR25.6 billion in 2009.
President Director and Chief Executive Officer (CEO) of Intiland Lennard Ho Kian Guan confirmed that the increasing net income was stimulated by higher revenue throughout 2010 by 118% to IDR842.7 billion from IDR386.8 billion in 2009.
Highest contribution came from residential sale, including both home and apartment, by 86.4% or IDR728.1 billion. Then, the sale value of residential sector jumped 171% compared to 2009’s sale value.
“In a term of operational, its operating income was 3 folds higher to IDR258.1 billion from IDR61.3 billion in 2009. Throughout 2010, the management has executed well several key strategies of business growth for corporate transformation process,” he said in an official statement, this afternoon.
The strategies, as he added, included boosting sale of inventories having criteria of mature, non-core, and low yield, as well as realizing aggressive expansion strategy by increasing land supply and by extending new projects.
Moreover, the company had a great performance on profitability that was indicated from soar of net income against revenue by 41.6% in 2010 from 6.6% in 2009.
This year, the management targets to have robust growth. “In the future, the company’s growth will be substantial. We focus on key strategies to be one of giant developers in Indonesia,” Lennard said.
Considering on the midday’s session today, the price of DILD-coded shares stood at IDR330 per unit with market capitalization at IDR3.42 trillion.

Disclosure: No position at the stock mentioned above.  

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