Mar 8, 2011

Surya Semesta FY10 surges 511.11%

Property player PT Surya Semesta Internusa Tbk (SSIA) posted a 511.11% jump in net profit last year as revenue rose.
In a material of public expose submitted to Indonesia Stock Exchange (IDX) last night, net profit recorded Rp110 billion last year from Rp18 billion in the previous year.
Operating profit surged 104.65% to Rp176 billion from Rp86 billion, spurring operating margin to 10% from 6%.
Surya Semesta's EBITDA also increased 71.94% to Rp239 billion from Rp139 billion. Adding to that, gross profit increased 37.35% to Rp478 billion from Rp348 billion. Revenue advanced 14% to Rp1.69 trillion from Rp1.48 trillion.
The biggest contributor for revenue was construction business with 58%, hospitality of 25%, followed by property and other with 14% and 4% respectively.
In construction business, Surya Semesta controls a subsidiary dubbed PT Nusa Raya Cipta, specializing in high-rise buildings, commercial complexes, and medium to large scale manufacturing facilities. Nusa Raya last year booked Rp979 billion revenue and Rp25 billion net profit.
In the property business, Surya Semesta manages three subsidiaries PT TCP Internusa, PT Suryacipta Swadaya, and PT Sitiagung Makmur.
TCP Internusa has several assets such as Graha Surya Internusa, Glodok Plaza, Tanjung Mas Raya, and land bank.
Suryacipta develops and manages Suryacipta City of Industry on 1,400 hectares of industrial estate in Karawang, West Java.
Sitiagung Makmur owns Banyan Tree Resort Ungasan in Bali, a high-end resort situated on 10 hectares of land in Ungasan. Revenue generated by property business recorded Rp235 billion last year and Rp37 billion net profit.

Disclosure: No position at the stock mentioned above. 

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