L

isted property developers posted motley growth rates ranging from barely 1 percent to over 300 percent in the first quarter (Q1) of the year, reflecting the diverse business strategies each company previously adopted.

PT Bumi Serpong Damai (BSDE) registered the highest top line and bottom line accretion, with its revenue growing by 159.6 percent to
Rp 2.07 trillion (US$215.6 million) and comprehensive income soaring by 336.8 percent to Rp 1.3 trillion.

PT Duta Pertiwi (DUTI), a subsidiary of BSDE that earned around one-fifth of its parent's revenue, saw its comprehensive income increase 66.3 percent to Rp 176.65 billion.

BSDE spokesperson Hermawan Wijaya said that the sharp rise in revenue and income were one-off achievements.

'What we accomplished was a result of our joint ventures with Hongkong Land, AEON Mall and Kompas Gramedia Group,' he said on Wednesday.

BSDE and Hongkong Land formed PT Bumi Parama Wisesa to manage projects in BSD City.

Meanwhile, BSDE is collaborating with Japan-based AEON Mall to build the latter's flagship shopping center and is also working with Kompas to construct an international-standard exhibition center.

Hermawan added that land sales pertaining to these three joint ventures accounted for at least Rp 1.7 trillion of its overall revenue.

He further said that the developer had closed sales of approximately 68 hectares of land to Hongkong Land, 10 hectares to AEON and 22 hectares to Kompas.

The developer, one of the 45 most actively traded stocks on the market (LQ45), earned Rp 3.7 trillion in revenue and Rp 1.4 trillion in comprehensive income at the end of 2012.

Meanwhile, fellow LQ45 developer PT Alam Sutra Realty (ASRI) scored a 33.6 percent annual rise in revenue from sales, which touched Rp 901.8 billion in the first quarter of 2013. Comprehensive income rose 17.4 percent to Rp 404 billion.

PT Agung Podomoro Land (APLN), although posting one of the highest revenues of Rp 1.14 trillion, saw its sales revenues grow by a modest 0.35 percent. Its comprehensive income touched Rp 272.4 billion, increasing by 3.1 percent year-on-year.

Bahana Securities analyst Natalia Sutanto said that the property industry was expected to grow by 38 percent, earnings-wise, this year.

She added that the growth rates in the first quarter varied due to the different business decisions each developer had made.

'The property industry is not directed by seasonality. Thus, the performance of developers in the coming quarters would hinge on the properties they have to sell,' she said.