JAKARTA (Yosefardi) – Newly listed property developer PT Mega Manunggal Property Tbk (MMLP) allocates Rp400 billion for capital expenditure (capex) this year, used to fund the acquisition over lands area in Jakarta and East Java.
The company has raised Rp1 trillion via the initial public offering (IPO) of 1.71 billion shares or 30% of its total issued and paid-up shares capital.
The IPO proceeds will be used for funding land purchase and investing in shares of companies with similar business (90%) and for capital expenditure (10%).
MMLP booked net profit of Rp286.72 billion in 2014, jumped by twofold from Rp90.5 billion in 2013. The company booked net profit of Rp313.93 billion in 2012 and Rp125.45 billion in 2011. In 2010, the company suffered loss of Rp328 million.
While revenue rose 19.3% to Rp142 billion last year, from Rp119 billion in 2013. It booked other income of Rp195 billion last year, Rp68 billion in 2013, Rp323 billion in 2012 and Rp296 billion in 2011.