SINGAPORE (Yosefardi) – Property developer PT Lippo Karawaci Tbk (LPKR) cuts its capital expenditure (capex) to US$450 million for this year, from initial plan of US$600-800 million, as 2 hospital projects would not be realized this year, Bisnis Indonesia reported this morning.
That 2 hospital projects postponed this year are located in Kupang, East Nusa Tenggara (NTT) province and in Ambon with investment cost of US$25 million each.
LPKR admits to have not secured permits for the projects, then the projects would be postponed.
Through its unit PT Siloam International Hospitals Tbk (SILO), LPKR is optimistic to operate 4 new hospitals located in Bandung, Semarang, Medan and Yogyakarta.
LPKR booked net profit of Rp1.59 trillion in 2013, grew by 20.4% from Rp1.32 trillion in 2012. Revenue increased 8.2% to Rp6.67 trillion from previous Rp6.16 trillion.
Its assets grew by 25.8% to Rp31.3 trillion while liability rose 27.8% to Rp17.12 trillion. It has cash and cash equivalent of Rp1.85 trillion.