T

he behemoth commercial and residential developer, publicly-listed PT Ciputra Development (CTRA), says that ongoing projects will account for one-fifth of its total sales this year.

The projects include eight residential developments in Pangkalpinang, Pontianak, Pekanbaru, Cirebon, Yogyakarta, Semarang and Medan. Other projects include the development of 200 apartment units and small office/home office (SOHO) type units at Ciputra World in Surabaya, East Java, and the launch of Ciputra World Jakarta 2 later this year.

“These projects are expected to contribute 23 percent to total sales this year,” a press statement from PT Ciputra said on Monday.

The developer currently operates 33 housing and commercial projects, including shopping centers, hotels and leased apartments, in 20 cities across Indonesia. Ciputra is also overseeing three projects in Vietnam, Cambodia and China.

The launch of various residential and commercial projects at the start of the year boosted marketing sales, and, when coupled with higher profit margin, resulted in a 38 percent increase in the firm’s profits to Rp 83 billion (US$9,05) in the first three months of this year, compared with Rp 32 billion the same period a year ago, the statement said.

Ciputra’s said that its revenues grew 46 percent in the first quarter of this year, peaking at Rp 552 billion, compared with Rp 378 billion in the same period a year ago.

The rise was reflected in the quarter’s gross profit margin, which rose to 51 percent as compared to 46 percent in 2011. Net profit margins in the quarter were at 15 percent, 7 percent more than the same period last year.

“The rise in margins is due to an economization in general and administrative costs, as well as
profits from the sale of investments and currency differences,” the statement read.

Marketing sales reached Rp 1.5 trillion by the end of March, or 24 percent of the annual target set by the company at Rp 6.4 trillion.

“This signifies that the performance of the marketing sales has undergone a 84 percent increase when compared to the same period last year, which booked Rp 835 billion,” Ciputra said in the statement.

Ciputra’s stock traded at Rp 730 (US 79 cents) a share on Monday, down 1.35 percent from the
previous day.