Nov 9, 2011

Metland 9M net profit jumps 111.58%

Property developer PT Metropolitan Land Tbk (Metland) today announced a 111.58% jump in net profit during the first 9 months of this year (9M 2011).
Metland posted Rp105.62 billion net profit in 9M 2011 from Rp49.92 billion in 9M 2010. Gross profit increased 59.29% to Rp206.03 billion from Rp129.34 billion. Operating revenue rose Rp384.46 billion from Rp244.04 billion.
The company distributes a Rp1.32 per share interim dividend on October 28 2011.
Corporate Secretary Olivia Surodjo said in total, the company plans to distribute Rp10 billion, a 15% of its net profit in the first half of this year.  
"The interim dividend is small. But, if we can add profit, we will distribute a final dividend," she said. Cum dividend is scheduled on October 14 and ex dividend is set on October 17 2011. In the first half of this year, Metland booked Rp63.19 billion net profit, a 183.61% jump from Rp22.28 billion at the same period last year. Revenue rose 71.75% to Rp245.85 billion from Rp143.14 billion.

Disclosure: No position at the stock mentioned above.

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