In general, the economy of Indonesia in 2010 experienced significant improvements in comparison to 2009. This was illustrated by economic growth of 6,1%, a stable BI rate of 6,5%, and an inflation level kept below 7% so that public purchasing power increased which, in turn, led to a rise in new orders in the Realty sector of 255% compared to orders received in 2009. Although sales in 2010, which stood at Rp 402,65 billion, decreased 11,21% from the 2009 figure of Rp 453,5 billion, the Company was still able to generate a net profit of Rp 25,05 billion, a rise of 11,13% from the 2009 figure of Rp 22,53 billion.
The Company’s performance in 2010 was generally fairly encouraging. This was illustrated by the achievement of a value of 101,61 for Management Contracts as well as by the ability of the company to maintain its AA (Double A) Health rating with a score of 83,75. Nevertheless, the Board of Commissioners hopes that the Directors will continue to improve performance and competitiveness in the future by paying attention to all potential risks.
In order to increase its capacity, in 2010 the company succeeded in implementing a Joint Operations Scheme (JOS) for 2 (two) new Apartment projects, namely Tamansari Semanggi Apartments and Tamansari Panoramic Bandung. These projects contributed in large part to the business performance of 2010 and it is hoped that they will provide the capital for the future development of the company. Furthermore, the Company also launched high end products in the areas of Tamansari Metropolitan Manado, Tamansari Bukit Mutiara and Grand Tamansari Samarinda, all of which were well received by consumers.