Feb 29, 2012

Surya Semesta FY11 profit surges 122%

Property developer PT Surya Semesta Internusa Tbk (SSIA) reported a 122% jump in net profit last year as a result of strong growth in revenue.
Surya Semesta booked Rp257 billion net profit (Rp55 per share) last year from Rp116 billion (Rp25 per share) in the previous year.
Operating profit steeply rose 189% to Rp466 billion from Rp161 billion. Revenue rose 70% to Rp2.88 trillion from Rp1.69 trillion with the biggest growth of property sector of 286%.
In term of rupiah, the biggest contributor to the revenue was construction sector with revenue of 1.52 trillion, marking a 55% increase.
Hotel and property sectors contributed Rp908 billion and Rp448 billion revenue to the company's consolidated revenue.
In 2011, Surya Semesta's subsidiary dubbed PT Suryacipta Swadaya (SCS) sold industrial land of 208 hectares with average sales price of US$43 per meter square or Rp798 billion compared to Rp130 billion in 2010.
SSIA targets industrial land sale of 135 hectares this year with average selling price of US$85 per square meter. 

Disclosure: No position at the stock mentioned above. 

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