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Duta Pertiwi allocates 2018 net profit as capex

23 May 2019 14:59

TANGERANG. The Annual General Meeting of Shareholders (AGM) of PT Duta Pertiwi Tbk (DUTI) has decided not to distribute dividends to shareholder despite recording 70% net profit growth in 2018.

DUTI recorded net profit of Rp 911.49 billion in 2018, a rapid hike from Rp 535.31 billion in 2017.

The company will allocate its entire net profit as capital expenditure (capex). "We see that the cost of fund for our projects is still quite high, and we opt to anticipate," said DUTI CEO Teky Mailoa at the AGM in Tangerang, Thursday (23/5).

Overall, DUTI will budget capex of Rp 1 trillion, which will be allocated to resume projects such as the development of a mixed-use apartment and shopping centre at TB Simatupang's South Gate and the development of Klaska Apartment in Surabaya.

For the capex, Mr Mailoa said the company would still rely on internal funding. According to him, with the company's cash position of Rp 2.45 billion as of March 31, 2019 it will be able to continue expanding. (AM/MS)

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