Property Developers Owned By Ciputra Conglomerate Raise Revenue Of IDR 6.64 Trillion And Profit Of IDR 1.01 Trillion In The Third Quarter Of 2021

Illustration. (Photo: Doc. Ciputra Development)

JAKARTA - Property developer, PT Ciputra Development Tbk (CTRA) recorded performance growth in the third quarter of 2021. The company's revenue and profit increased significantly in the first nine months of this year.

In Ciputra's financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Wednesday, November 17, Ciputra's net profit skyrocketed 337.06 percent yoy to IDR 1.01 trillion from the previous IDR 232.18 billion.

The increase in profit was in line with revenue growth of 56.6 percent to IDR 6.64 trillion. Until the end of the third quarter of 2020, CTRA's revenue was recorded at IDR 4.24 trillion.

The company's cost of goods sold and direct costs also rose 44.39 percent to IDR 3.35 trillion. Even so, CTRA's gross profit still grew 72.25 percent yoy to IDR 3.29 trillion.

CTRA's general and administrative expenses decreased 2.18 percent to IDR 890.97 billion. The company also recorded an increase in other income of IDR 177.09 billion from the same period last year of IDR 104.75 billion.

Selling expenses rose 19.97 percent to IDR 256.33 billion. Other expenses also rose 8.08 percent to IDR 74.23 billion.

However, CTRA's operating profit was able to shoot up 173.09 percent to IDR 2.25 trillion. Ciputra Development's financial expenses recorded an increase to IDR 966.20 billion compared to the same period last year of IDR 589.73 billion.

On the other hand, the company recorded an associate profit of IDR 13.94 billion compared to September 2020 which lost IDR 1.91 billion.

For fundamentals, until September 2021 CTRA's total assets reached IDR 40.05 trillion, an increase of 2.03 percent from the December 2020 position of IDR 39.25 trillion. Ciputra's total liabilities fell 1.46 percent from the position in December 2020 to IDR 21.47 trillion and equity rose 6.41 percent to IDR 18.57 trillion.

Meanwhile, CTRA's cash and cash equivalents until September 2021 also increased to IDR 6.53 trillion from the December 2020 position of IDR 5.27 trillion.