JAKARTA (Yosefardi) – Property developer PT Greenwood Sejahtera Tbk (GWSA) only raised Rp72 billion bond proceeds, then it opts to cancel 2 new projects this year.
The company has offered bonds worth Rp500 billion, part of its bond issue program of Rp1.5 trillion. But Investors only absorbed Rp72 billion.
The bond proceeds is planned to fund the acquisition of land area. But with Rp72 billion bond fund only, GWSA postpones its expansion plan.
For this year, GWSA allocates capital expenditure (capex) of Rp1.2 trillion.
GWSA booked net profit of Rp149.7 billion in first nine months of 2014, grew by 29% from Rp115.6 billion in the corresponding period of 2013.
Sales and revenue jumped 133% to Rp149.7 billion from previous Rp64.3 billion. Cost of goods sold only rose 11% to Rp30 billion.