SSIA revises target following H1 result
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JAKARTA: Property and construction firm PT Surya Semesta Internusa (SSIA) said that it would revise its full year target following a satisfying financial performance in the first half of the year.
“Given the first-half result and prospects for our businesses, SSIA is revising its net profits target to Rp 650 billion (US$68.90 million) from the previous Rp 550 billion,” the company said in a written statement.
SSIA booked Rp 372 billion in consolidated net profits in the first half of the year, an almost threefold increase compared to Rp 132.6 billion in the same period last year.
The increase was supported by 14.6 percent growth in revenue to Rp 1.77 trillion during the January to June period from Rp 1.54 trillion in the same period last year. The increase in revenue was particularly boosted by sales of 67.2 hectares of industrial-zoned land. The company actually sold 166.4 hectares of types of land in the first half of last year. However, it enjoyed a higher average selling price of $89.6 per square meter in the first half of the year compared to $37.1 year-on-year.
Income from its construction business also recorded a significant jump by 31.5 percent to Rp 947.4 billion in the first six months of the year from Rp 720.2 billion in the same period last year.