Pakuwon, Developer Of Kota Kasblanka And Gandaria City Malls Owned By Conglomerate Alexander Tedja Earns Revenue Of IDR 2.45 Trillion And Profit Of IDR 464 Billion

JAKARTA - The property company PT Pakuwon Jati Tbk posted a positive performance in the first semester of 2021. The issuer with the stock code PWON reaped a double-digit increase in revenue in the first six months of this year.

In Pakuwon's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Thursday, September 2, the company owned by conglomerate Alexander Tedja posted revenue of IDR 2.45 trillion. This achievement rose 24.59 percent compared to the same period last year worth IDR 1.97 trillion.

However, the increase in the free post and the difference in the exchange rate caused Pakuwon's net profit to decline. Net profit for the period attributable to owners of the parent company slightly decreased by 3.71 percent on an annual basis to IDR 464.63 billion in the first half of 2021 from IDR 482.55 billion in the first six months of 2020.

Meanwhile, PWON only benefited from a foreign exchange gain of IDR428.56 million in the first semester of 2021, down a lot compared to IDR 1.32 billion in the first semester of 2020. Plus, this property developer from Surabaya also has to pay extra for a penalty for the redemption of bonds worth IDR 99.43 billion, which previously did not exist.

Meanwhile, Pakuwon recorded total assets of IDR 29.03 trillion, up 9.73 percent from the end of 2020 position of IDR 26.45 trillion. Equity grew 2.99 percent year-to-date to IDR 18.12 trillion while liabilities grew 23.13 percent YTD to IDR 10.91 trillion.