JAKARTA: The expectation for high demand and the completion of three companies acquisitions make management of PT Bumi Serpong Damai Tbk optimistic to achieve net profit target of IDR700 billion.Bumi Serpong Damai President Director Harry Budi Hartanto said 2011 sales target is IDR4 trillion while revenue target is IDR2.7 trillion with net profit of IDR700 billion.Sales and revenue will be allocated to the three recently acquired companies by the Serpong, Tangerang-based company.The three companies are PT Duta Pertiwi Tbk (DUTI), PT Sinar Mas Teladan (SMT) and PT Sinar Mas Wisesa (SMW).After acquiring DUTI, SMT and SMW, 80% of BSDE revenue will come from non recurring income and the remaining 20% will come from recurring income, he said to press, yesterday.For this year, he continued, they are targeting marketing sales without the recently acquired companies contribution for about IDR2.5 trillion. BSDE's sales and marketing realization in 2010 was at IDR2.3 trillion, higher than the target of IDR2 trillion.The strong housing demand at BSD City Township in 2010 seems to continue this year.BSD owns 85.31% of Duta Pertiwi shares, 60% of Sinar Mas Teladan shares and 55% of Sinar Mas Wisesa shares, which absorb IDR4.4 trillion.The acquisition funds came from the IDR5 trillion proceeds of rights issue last December.By acquiring three companies, BSDE also diversifies its business portfolio by seeking projects in Jabodetabek, Surabaya, Medan and Balikpapan.Duta Pertiwi manages four development projects, they are, super block and commercial, housing, office building and hotel in Jabodetabek, Surabaya and Balikpapan.Sinar Mas Teladan owns three office buildings namely Wisma BII in Jakarta, Surabaya and Medan.Furthermore, Sinar Mas Wisesa is currently developing housing project in Balikpapan; an oil producer city with a high income per capita amid to mining and oil and gas exploration location.Stable rankIn the middle January, PT Pemeringkat Efek Indonesia (Pefindo) raise BSDE rating and II/2006 BSD bond to idA from idBBB+ and gave a stable outlook for them.Pefindo analysts Vonny Widjaja and Rifan Firmansyah said the better rate is a reflection of the property company stronger business position after the consolidation of the three acquired companies.BSD and the 3 companies are under Sinarmas property division.A positive financial report was also helping the increase of corporate rating. However, ratings are constrained by intense competition in areas served by the companies and the characteristic of property industry that is quite vulnerable to macroeconomic fluctuation.Up to Q3/2010, BSDE recorded a operating revenue for about IDR905.71 billion, up 4% then IDR871.37 billion in 2009.The IDR905.71 billion operating revenue came from housing revenue in the amount of IDR669 billion or 74% of the total revenue while commercial sector contributed IDR237 billion or 26% of the total revenue.Gross profit on Q3/2010 was IDR500.57 billion, up 16% than IDR 432.09 on Q3/2009. Net profit in Q3/2010 hiked 20% to IDR243.14 billion from IDR202.77 billion in the same period in 2009. (T05/NOM)
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