Indonesia developer Lippo Karawaci 1H profit rises 23 pct on mixed-use projects

JAKARTA, July 25 Thu Jul 24, 2014 10:50pm EDT

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JAKARTA, July 25 (Reuters) - Indonesian developer PT Lippo Karawaci Tbk on Friday reported a 23 percent rise in first-half profit thanks primarily to mixed-use property projects as well as its hospital business.

The developer, in a filing to the Indonesia Stock Exchange, reported net profit of 672.91 billion rupiah ($58.06 million) for January-June compared with 545.64 billion in the same period a year earlier.

Shares of Lippo Karawaci rose as much as 0.9 percent after the announcement but later erased its gains. The benchmark index was trading down around 0.5 percent.

The stock has risen about 21 percent so far this year, compared with around 19 percent in the benchmark.

($1 = 11,590 rupiah) (Reporting by Fransiska Nangoy; Editing by Christopher Cushing)