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Island Concept to develop 3.5 Ha area in Jimbaran

08 December 2017 05:00 PM  Company: PT. Island Concepts Indonesia Tbk [ICON]
Rp. 98  +3 (3.16%)
Island Concept to develop 3.5 Ha area in Jimbaran

JAKARTA – Hotel and villa operator in Bali, PT Island Concept Indonesia Tbk (ICON), is aiming to develop a 3.5 Ha area in Jimbaran, Bali into a residential villa. The company has paid a cooperation commitment fee of Rp 90 billion to secure the area. The 3.5 Ha land bank is located inside a 200 Ha area in Jimbaran area, which belongs to a sister company of ICON.

Last year, Island Concept planned to raise up to Rp 120 billion through rights issue, but the company decided to lower its target to Rp 50–60 billion due to market condition and momentum at that time. The company is also looking for a strategic partner for additional capital. Dodi Prawira Amtar, President Director or Island Concept Indonesia said, “It is true that we are planning for rights issue next year, but it all depends on the market condition.”

The company projected its revenue to be Rp 168,4 billion, which fell 7.06% compared to FY 2016. Net profit predicted to fall to Rp 2.08 billion. These figures are predicted to fall due to lower revenue generated from catering services. ICON provides catering services to oil & gas and also mining companies which are located in remote areas. Currently, ICON is handling 13 catering contracts and participating in the tender for Berau Coal. (LM)

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PT. Island Concepts Indonesia Tbk [ICON]   Rp. 98   +3 (3.16%)