"Indonesian property developers show sky-high growth"

"Indonesian property developers show sky-high growth"

Property developers have performed on a par with market forecasts predicting skyscraper growth.

Comparing recent financial reports of property developers, PT Agung Podomoro Land (APLN), whose projects include upmarket residential estate Green Bay Pluit, remains one of the strongest performers.

In 2012, APLN made 4.7 trillion rupiah (S$600 million) in revenue and 841.3 billion rupiah in comprehensive income.

 The figures represent a 22.6 per cent and 22.8 per cent year-on-year increase.

Another strong performer is PT Summarecon Agung (SMRA) with 3.4 trillion rupiah in revenue and 792 billion rupiah income: 46.8 per cent and 103.7 per cent annual rise respectively.

SMRA, the developer behind Summarecon Kelapa Gading township, Harris Hotel Kelapa Gading, and Gading Serpong housing complex, also posted a 52 per cent climb in gross profit to 1.6 trillion rupiah.

In terms of business accretion, PT Ciputra Property (CTRP) takes the lead with an 88 per cent year-on-year revenue uplift to 826.4 billion rupiah, while gross profit rose by 87.3 per cent to 523.8 billion rupiah.

This was also reflected in CTRP's yearly comprehensive income, which jumped by 89.3 per cent to 319.1 billion rupiah. The developer has one of the highest gross profit margins at 63.3 per cent.

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