Pakuwon's Income Owned By Conglomerate Alexander Tedja Worth IDR3.79 Trillion Supported By Low Interest Rates And 0 Percent Taxes In The Property Sector

JAKARTA - Property developer, PT Pakuwon Jati Tbk (PWON) posted a net income of Rp3.79 trillion in the third quarter of 2021. The company's revenue from conglomerate Alexandefr Tedja increased 24.3 percent compared to the same period last year, which was Rp3.04 trillion.

Director and Corporate Secretary Pakuwon Jati Minarto Basuki said the increase in revenue performance was in line with increased sales performance due to the impact of the vibrant economy, including in the property sector, after last year almost all economic sectors were affected by the pandemic.

"For our marketing sales (sales) in the third quarter of 2021, we experienced an increase of up to 38.7 percent, reaching Rp. 1 trillion. This is partly due to the low interest rate and VAT incentive facilities that have pushed up marketing sales," Minarto said in a written statement. , quoted Monday 22 November.

The achievement of the marketing sales value, said Minarto, is equivalent to 71.9 percent of the company's marketing sales target this year, which is set at Rp1.4 trillion. Sales in the quarter were contributed by landed house products by 55 percent, followed by condominium and office products by 45 percent.

Minarto explained that the total revenue achievement of the owners of Gandaria City, Kota Kasablanka Mall and a number of shopping centers in Surabaya in the third quarter of 2021, as much as 44 percent was supported by recurring revenue. Then as much as 56 percent was contributed by development revenue.

The recurring revenue performance itself was recorded at Rp. 1.67 trillion, down 3.1 percent compared to last year's condition, which was Rp. 1.7 trillion. Meanwhile, the performance of development revenue or revenue from projects this year was recorded at Rp. 2.1 trillion, up 60 percent compared to the same period last year, which was Rp. 1.3 trillion.

Based on revenue per segment, the largest contribution came from condominium sales and retail space rentals, which were 34.9 percent and 31.9 percent, respectively. Then followed by landed house sales with 18.8 percent, then hotels and service apartments with 7.3 percent, as well as income from office rentals, which contributed 5 percent, and sales of office space as much as 2.1 percent.

In line with this performance achievement, the company managed to record a gross profit of Rp 1.727 trillion, an increase of 14.5 percent compared to last year's Rp 1.5 billion. Meanwhile, comprehensive income was recorded at Rp801 billion, up 9.7 percent from the same period last year of Rp731 billion.

Minarto added that even in the third quarter of 2021, Pakuwon had disbursed capital expenditures of IDR 403 billion to finance construction projects such as Pakuwon Mall Bekasi, East Coast Mansion, Pakuwon Mall phases 3 and 4, as well as the Kota Kasablanka project phase 2.