Publicly-listed property developer PT Lippo Karawaci Tbk (IDX: LPKR) profit plummeted 94 percent to only Rp 66 billion in nine months of 2015 (9M15) from a year ago Rp 1 trillion, due to some Rp 786 billion in foreign exchange losses, said the company in press statement. The company raked in Rp 6.8 trillion in revenue for 9M15, up 10 percent from the same period last year, backed by double-digit growth in its healthcare division.
Healthcare division, PT Siloam Hospitals International Tbk (IDX: SILO) reporting 25 percent growth in revenue to Rp 3 trillion, EBITDA grew by a healthy 33 percent to Rp 412 billion and net profit after tax for 9M15 was Rp68 billion, a significant improvement from the previous year. During the 9M15, LPKR launched six projects, four projects at Lippo Cikarang and the other two in Manado, North Sulawesi. LPKR President Director, Ketut Budi Wijaya, stated in the short term, the outlook remains challenging due to slower demand and macroeconomic uncertainty. However, he believes in the long run the property market in Indonesia remains a very attractive business. (*)