JAKARTA: Property developer PT Lippo Karawaci Tbk (LPKR) targets to earn IDR3.73 trillion revenue next year, rising 24.1% from revenue this year and to make IDR701 billion in net profit, increasing by 33.5%.
President Director Lippo Karawaci Ketut Budi Wijaya said that such significant profit growth could be obtained by selling assets of malls and hospitals to two Singaporean real estate investment trustees (REIT), boosing net income two folds to IDR150 billion. We will keep constructing amid the strong momentum of residential building sales and we are expanding hospital business, malls and asset management. We will also intensify and accelerate our asset-light strategy to create more big profit, he said in a press release yesterday.Apart from selling assets to REIT, the company will boost operating profit to make 22.4% increase although the cost is predicted to rise because of the construction of new hospitals and malls in 2011.The company targets that recurring income from health care fee and hotel service will contribute half of income in a year, with increasing tends.Through December this year, the management of Lippo Karawaci projected net profit will reach IDR525 billion and revenue will be IDR3 trillion, rising by 35% and 17% respectively from the same period in 2009. (t04/wiw)
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