Lippo Karawaci profit increased 23%

Listed property giant under Lippo Group, PT Lippo Karawaci Tbk reported net profit of Rp358.94 billion last year (12 months) or a 23% growth from Rp292.9 billion in 2004.

According to its audited financial report published today the company booked 19.8% growth in total sales to Rp2 trillion last year against Rp1.67 trillion in 2004. The company then recorded gross profit Rp999.2 billion (around US$100 million) and operating profit of Rp536 billion.

Lippo Karawaci completed the restructuring in 2004 resulting in total assets of Rp6.23 trillion as of December 2005. The company is owned by Greatmind Investment Ltd (15.44%), Pacific Asia Holdings Ltd (13.95%), Capital Bloom Investment Ltd (7.76%), and public investors (62.85%).

Several former ministers sits as commissioners at Lippo Karawaci. They are Surjadi Sudirja (former minister of internal affairs under Abdurrahman Wahid administration), Tanri Abeng (former minister of state-owned enterprises under BJ Habibie admnistration), and Agum Gumelar (former minister of transportation under Megawati Soekarnoputri administration). Both Surjadi and Agum are senior military figures retired as lieutnant generals.

Bank loans in the company jumped from Rp492 billion to Rp1 trillion last year with Raiffeisen Zentralbank Oesterreich AG (Singapore) as the biggest creditor (US$50 million), followed by Bank Niaga (Rp181 billion) and the affiliated Bank Lippo (Rp112 billion).

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