Puradelta Lestari Earns Rp 1.1 Trillion in Land Sales

Indonesian industrial estate developer Puradelta Lestari acquired Rp 1.1 trillion from their industry land sale to Taiwan-based tire producer Maxxiss International and Mitsubishi Motors. (Photo courtesy of Puradelta Lestari)

By : Jakarta Globe | on 7:30 PM August 06, 2015
Category : Business, Corporate News

Jakarta. Indonesian industrial estate developer Puradelta Lestari, a listed property developer unit of Sinar Mas Group, acquired Rp 1.1 trillion ($81.3 million) from their industry land sale to Taiwan-based tire producer Maxxis International and Mitsubishi Motors, a securities firm said on Wednesday.

Foreign exchange trading company Sinarmas Sekuritas said that according to its research, Puradelta currently operates a township in Kota Deltamas in Cikarang, Bekasi.

"The land sales to two investors made up 86 percent of our total sales in the first half of 2015, which is Rp 1.28 trillion," the firm said a research report published on Wednesday.

Puradelta's sales grew 4.6 percent year-on-year to Rp 1.28 trillion in the January to June period from Rp 1.2 trillion. Industrial land sales contributed 97.5 percent to total sales.

However, the developer earned Rp 772.2 billion in profit in the first semester of this year, a 3.2 percent drop from the Rp 797.9 billion it earned in the same period last year.

Puradelta president director Teky Mailoa said that the company would boost the development of residential and commercial properties to support the industrial areas.

The property company's next project is to build a Japanese town area worth Rp 1 trillion.

"The township will include an apartment building and housing complex, but we are currently still in the designing phase," he said, adding that the project will launch this year.

The company is using Rp 500 billion it earned from an initial public offering in May as well as funds from its cash treasury to fund the endeavor.

Teky added that Puradelta allocated Rp 1.2 trillion for its 2015 capital expenditure, a 50 percent jump from last year's capex of Rp 800 billion.

"Most of the funds [will be] used to purchase land, construct roads and build water infrastructures. We will also use it for the development of hotels and apartments," Mailoa said.

The listed company aims to earn Rp 2.2 trillion in revenue and Rp 1.2 trillion in profit this year.

Puradelta Lestari is listed in the Indonesia Stock Exchange under DMAS code.

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