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Lippo Karawaci’s Profits Up This Year
Francezka Nangoy | October 28, 2011

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Lippo Karawaci, one of Indonesia’s largest listed property developers, announced on Friday a hefty increase in profits in the first nine months this year amid growing demand for residential real estate.

Net income at Lippo Karawaci rose 38 percent to Rp 481 billion ($54.8 million) in January to September this year from Rp 349 billion in the same period last year. Revenue rose 30 percent to Rp 2.91 trillion in the period from Rp 2.23 trillion a year earlier.

“Our residential and township business continues to grow at a sustained pace. The industrial estate business looks very exciting, and we foresee increased activity in this sector,” Ketut Budi Wijaya, president director of Lippo Karawaci, said in a statement on Friday.

The Jakarta Globe and Lippo Karawaci are affiliated with Lippo Group.

Revenue at Lippo’s residential and township division rose 42 percent to Rp 1.43 trillion, contributing almost half of its total revenue. Included in that amount is revenue from the company’s industrial estate developer Lippo Cikarang Township, which surged 218 percent to Rp 375 billion.

Revenue from its mixed-use developments, such as the St. Moritz superblock, rose 22 percent to Rp 507 billion. Its hospital division contributed Rp 894 billion, its commercial units Rp 300 billion and its asset management business gave Rp 285 billion. Those divisions contributed 51 percent of the company’s total revenue.

Ketut said the results so far this year had left him positive about the company’s plans for building more malls and hospitals in the future.

Shares of Lippo Karawaci closed unchanged at Rp 660 on the Indonesia Stock Exchange on Friday. Its shares have fallen 3 percent this year.