Aug 11, 2011

Megapolitan 1H profit plunges 63.05%

Property developer PT Megapolitan Development Tbk (EMDE) reported a 63.05% plunge in net profit in 1H 2011 to Rp4.58 billion from Rp12.39 billion in 1H 2010.
In an official statement to Indonesia Stock Exchange today, the profit drop was in line with a 29.78% decrease in operating revenue to Rp54.35 billion from Rp77.4 billion. The performance was caused by delays in several projects.
There were several technical problems, creating delays in Urbana Cinere and Cimandala projects, such as design revision. Operating profit tumbled 52.78% to Rp10.86 billion from Rp22.99 billion. 

Disclosure: No position at the stock mentioned above.

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