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AKARTA: The annual shareholders meeting of Metropolitan Land (MTLA), a subsidiary of property giant Ciputra Group, agreed on Friday to payout 20 percent of its 2011 net profits, Rp 31.32 billion, as dividends.

Shareholders also approved the company’s expenditures plan, which included Rp 960 billion to develop the Grand Metropolitan mall in Bekasi, West Java; the Hotel Horison in Seminyak, Bali; and to add to its land bank.

Other Metland expansion plans in the hotel industry include building two budget hotels in Cirebon and Tasikmalaya, West Java and expanding rooms at the Horison Bekasi.

Currently, the company has 596-hectares of land bank in six housing areas in Bekasi, Bogor and Cakung, West Java, and has allocated Rp 200 billion to buy up to 300 hectares in Greater Jakarta.

Through its six subsidiaries, Metland has developed five housing areas in Jakarta, Bekasi, Cibubur, Cileungsi and Cibitung. Its existing commercial developments include Mall Metropolitan, Hotel Horisons in Bekasi and Seminyak, and a budget hotel, @HOM, in Tambun.

Metland booked Rp 156.60 billion (US$17.07 million) in net profits in 2011, up 127 percent from Rp 69.04 billion in 2010.

 The profits were attributed to a 31.32 percent increase in revenue, from Rp 331.66 billion to Rp 541.78 billion, 65 percent of which was in its housing business and the remainder from commercial business.