JAKARTA: PT Duta Pertiwi Tbk, a property developer owned by Sinarmas Land Group, will not distribute dividends this year since it has maturing bond in July 2012.
According to Duta Pertiwi Corporate Secretary Hermawan Wijaya, the maturing bond value is IDR500 billion.
“Therefore, the shareholders through the annual meeting agreed not to distribute dividends this year,” he said in Jakarta on Wednesday (27/6/2012).
During last year, the company booked IDR348.59 billion net profits or 30.54% higher compared to IDR267 billion a year earlier. The revenue also grew 10.95% to IDR1.1 trillion from previously IDR1 trillion.
Besides being used to pay the maturing bond, the net profit which is recorded as retained earnings will also be allocated to strengthen the company's capital structure and business expansion.
It allocates IDR500 billion capital expenditure this year for business development. The sources of funding will come entirely from internal cash.
“Our internal cash is still adequate, which is around IDR1 trillion. It’s enough to finance bond and expansion this year,” he said.
In today’s trading, the DUTI-coded share was stagnant at IDR2,100 a share from yesterday and created market capitalization of IDR3.88 trillion. (T06/aph)
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