Alam Sutera Realty, Property Developer Owned By Conglomerate The Ning King Still Losing Rp244 Billion Despite Raising Revenue Of Rp1.1 Trillion

JAKARTA - Property developer PT Alam Sutera Realty Tbk recorded double-digit growth in revenue in the first six months of this year. However, the issuer with the ASRI stock code recorded a loss in the first semester of 2021.

In Alam Sutera's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Tuesday, August 31, the property company owned by conglomerate The Ning King posted revenue of Rp. 1.10 trillion, up 20.69 percent compared to the same period last year of Rp. 919. 50 billion.

The loss for the period attributable to owners of the parent company was also reduced to a loss of Rp244.91 billion from the previous loss of Rp512.48 billion.

In terms of income contributors, income from real estate rose the most by 24.65 percent to Rp922.89 billion from the previous Rp740.37 billion. In it, sales of houses and shophouses shot up 233.32 percent on an annual basis to Rp729.24 billion from the previous Rp218.78 billion.

While land sales still fell 56.03 percent to Rp146.61 billion from the previous Rp333.50 billion and apartment sales fell 37.44 percent to Rp37.67 billion from the previous Rp60.22 billion.

Revenue from hospitality and infrastructure services also improved 19.64 percent to Rp183.75 billion from the previous Rp153.58 billion. However, income from tourism and others still fell by 90.72 percent to Rp. 2.37 billion from the previous Rp. 25.54 billion.

ASRI's total assets until the end of the first semester of 2021 were recorded at Rp. 21.46 trillion or grew 1.13 percent from the position at the end of last year of Rp. 21.22 trillion. Equity decreased 2.65 percent year-to-date to Rp9.13 trillion and liabilities increased 4.14 percent on an annual basis to Rp12.33 trillion.