Jul 27, 2011

Sentul City 1H net profit soars 126%

Property developer PT Sentul City Tbk (BKSL) today reported Rp61.17 billion net profit in the first half of this year, a 126.22% jump from Rp27.04 billion a year earlier. Net profit per share reached Rp2.14 from Rp0.57.
Gross profit increased 46.28% to Rp108.51 billion from Rp74.18 billion. Sentul City booked a slight decline of 0.39% in net revenue to Rp168.73 billion from Rp168.40 billion.
The company is underway to hold non-preemptive rights of 2.85 billion new C series shares or 10% of its enlarged capital at Rp117 per share, entitling the company with Rp333.92 billion proceed.
Sentul City will use Rp276.81 billion of the proceed to buy new shares to be issued by PT Aftanesia Raya. About Rp2 billion will be used by Sentul City to acquire existing shares at Aftanesia Raya from two individual non-affiliated shareholders namely Irwansyah and Ridwan Imam and Rp55.11 billion will be used for working capital. Sentul City is seeking approval from its shareholders during extraordinary meeting scheduled on August 3 2011.
Aftanesia Raya is a company with assets of 953,301 square meters land located in Hambalang village, Citeureup. Aftanesia Raya is 99% owned by Irwansyah and Ridwan Imam of 1%.
Sentul City is 34.64% owned by PT Citra Kharisma Komunika, Athena Offshore Holding Limited of 14.13%, PT Bakrieland Development Tbk of 5.26%, and public holders of 45.97%.

Disclosure: No position at the stock mentioned above.

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