SMRA's Bond Welcomes The Rise of Property Sector

By Editorial Team 27/09/2019
Summary

PT Summarecon Agung Tbk plans to issue the second phase of shelf-registration bond III in October 2019, targeting Rp 700 billion worth proceeds. According to SMRA stock-coded company’s information disclosure, Corporate Secretary Jemmy Kusnadi explained all proceeds from the bond issuance would be used for company’s and its subsidiaries working capitals, such as to finance the construction of residential projects, commercial buildings, and lots, along with its supporting facilities and infrastructure.

SMRA scooped revenues totaling Rp 2.67 trillion in the first half of 2019, increased by only Rp 14 billion from Rp 2.66 trillion in the same period of 2018. The property developer's net profits skyrocketed 90.1 percent on an annual basis from Rp 78 billion to Rp 149 billion. Moreover, the company eyes a 10 percent income growth this year, as supported by SMRA various projects located in Serpong, Bekasi, Karawang, Bandung, and Makassar.

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