JAKARTA: PT Modernland Realty Tbk shareholders meeting decided not to distribute dividends as it still suffer deficit, resulted from financial loss after the 1998 crisis.
The accumulated deficit as of December 2011 was still minus IDR300 billion, Modernland Freddy Chan Finance Director said.
“Such dividends are expected to be distributed on next year's profit,” he said on Wednesday, June 13, 2012.
In fiscal year 2011, Modernland revenue grew 92.11% to IDR504.64 billion from IDR261.32 billion a year earlier.
Around IDR459 billion derived from the sale of land and building, IDR36.44 billion from golf course operation, and IDR9.18 billion from the sale of building materials.
It also posted higher net profit by 138.5% or IDR53.45% to IDR92 billion from IDR38.59 billion. Meanwhile, the company assets rose 18.6% or IDR378 billion to IDR2.41 trillion.
In first quarter 2012, the MDLN-coded company booked IDR70 billion net profits or IDR11.18 a share. It grew 154.37% compared to IDR27.54 billion or 9.01 a share in the same period last year. (T06/aph)