Lippo Karawaci 2010 Profit Grows 35% - The Indonesia Today

Property firm PT Lippo Karawaci Tbk (LPKR) announced today it booked net profit of Rp525 billion in 2010, surged 35% compared to Rp388 billion in 2009.

It recorded net earning per share (EPS) of Rp30.30. The company said revenue also rose 22% to Rp3.12 trillion from Rp2.56 trillion a previous year.

Residential business contributed revenue of Rp1.28 trillion, a 18% rise compared to Rp1.08 trillion a year earlier. While, hospital business contributed revenue of Rp1.03 trillion, increased 16% from 2009. Commercial business contributed Rp354 billion revenue while asset management business booked revenue of Rp454 billions.

In 2009, asset management contributed revenue of Rp271 billion. The company said revenue of asset management business in 2010 was mainly boosted by the marketing fee from Mochtar Riady Comprehensive Cancer Center (MRCCC) asset sale and other retail assets as well as the sale of Siloam Hospitals Lippo Cikarang to First REIT.

Ketut Budi Wijaya, LPKR's president director, said the company's recurring income continued rising and represented 59% of total revenue.

He said the company plans to distribute dividend of Rp150 billion, or Rp8.65 per share for 2010 profit, or 28.6% payout ratio. The company had paid interim dividend of Rp50 billion in December 2010.

Ketut said the company will focus on implementing the growth strategy for transforming the company into US$8 billion property group from current US$3 billion.