Jul 25, 2011

Bakrieland 1H net profit jumps 100%

Property developer PT Bakrieland Development Tbk (ELTY) posted a 100.2% increase in net profit in the first half of this year (1H2011) on the back of higher sales.
Bakrieland booked Rp126.1 billion net profit from Rp63 billion in the first half of 2010. Operating profit rose 101.9% to Rp164.2 billion from Rp81.3 billion. mThe company's sales jumped 94.4% to Rp1.04 trillion from Rp537.5 billion.
The biggest contributor for the sales was Bakrieland's business of city property with 73.2% sales to the consolidation sales. Landed residential segment, hotel and resort, and toll road contributed 12.5%, 9.9%, and 4.4% to the company''s total sales.
According to Bakrieland's CEO Hiramsyah S. Thaib, the company is scouting a 30% increase in revenue this year, mainly driven by the strong economic growth.

Disclosure: No position at the stock mentioned above.

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