Jakarta. PP Properti, the property developer of state owned construction firm PP, booked Rp 300 billion ($23 million) in net income last year, tripling from Rp 103 billion in 2014, the company said in a statement on Thursday (03/03).
The company's sales also rose 171 percent to Rp 1.5 trillion, defying slowing sales in the country's property sector.
PP Properti plans to raise Rp 1.2 trillion from issuing bonds this year to buy land in the Greater Jakarta area and Surabaya, as well as to build infrastructure and beef up capital in its subsidiaries.
The company was listed on the Indonesia Stock Market last year, after raising Rp 907 billion from selling 34.98 percent of its shares at Rp 185 each in May. The share closed 6 percent higher at IDX on Friday at Rp 210 a piece.