Sunday, 16 June 2019 | 11:30 WIB

Capri Nusantara Targets Obtaining Net Profit of IDR 6 Billion in 2019

Capri Nusantara Targets Obtaining Net Profit of IDR 6 Billion in 2019 (bei)

JAKARTA, NETRALNEWS.COM - PT Capri Nusa Satu Properti Tbk (IDX:CPRI) has been officially listed on the Indonesia Stock Exchange (IDX). The company has also conducted initial public ofering (IPO) on Thursday (04/11/2019).

Previously, the company offered 683,375,000 shares to the public, equivalent to 28.08 percent of the total issued and paid-up capital through IPO. From this corporate action, the company pbtained funds amounting to IDR 85.42 billion.

"The IPO funds will be used to complete the development of convention center and office project in Jatiwaringin, East Java, among others," said Jansen Surbaktu, President Director of CPRI, at the IDX Building, in Jakarta, Thursday (04/11/2019).

In addition to being allocated for the project, the proceeds from the public offering will also be used for the construction of international standard resorts and spas in Nusa Penida, Bali. His work will begin on April 30, 2019.

"So the composition of the utilization of IPO funds is 50 percent for resort projects, then 40 percent for office projects, and 10 percent for working capital," Jansen explained.

He added, the company is optimistic that this year's performance will be better supported by fresh funds from the IPO to support the company's business expansion in the property sector going forward.

"With the IPO, this year's revenue target is quite significant, increasing to IDR 25 billion compared to the previous year," he explained.

In addition, said Jansen, the company estimates that it can achieve a net profit of IDR 6 billion. Last year, the company recorded a loss in its financial statements. "In the first quarter of 2019, there has been a positive profit of IDR 1 billion, even though it is still small," he explained.

CPRI relies on projects that began to be completed at the end of this year to boost performance. The office tower project will operate in September 2019 and the convention hall in December will operate 2019.

Meanwhile, around 30 percent of the resort projects in December are expected to be able to operate. "This is just to make money so that there is a cash flow of the company running, so it will be phased in," he said.

To realize this goal, the company budgeted capital expenditure (capex) up to Rp100 billion.
In Thursday's trade, CPRI's stock price rose 69.6 percent to IDR 212 per share from the initial price of IDR 125 per share. At the end of the same day's trading transaction hours, the price increased to IDR 194 per share, and was listed as one of the top gainers on Thursday.