Profit Of BSD Property Developer By Conglomerate Eka Tjipta Widjaja Drops 42 Percent To IDR 347.9 Billion In The First Quarter Of 2022

Photo: Doc. Sinar Mas Land

JAKARTA - The property developer of the Sinar Mas Group owned by conglomerate Eka Tjipta Widjaja, PT Bumi Serpong Damai Tbk. (BSDE) recorded a decrease in net profit in the first quarter of 2022. In fact, the company was actually still able to score growth in the revenue post.

In BSD's financial report, quoted on Monday 9 May, BSDE's net profit fell 42.01 percent year on year (yoy) as of March 30, 2022. To be precise, from IDR 599.95 billion to IDR 347.9 billion.

On the other hand, BSD posted revenue of IDR 2.02 trillion. This achievement grew by 21.68 percent compared to the same period last year, which was IDR 1.66 trillion.

Based on revenue contributors, the property sales business line is still the largest contributor. Sales of land and buildings rose 15.62 percent on an annual basis to IDR 1.38 trillion from the previous IDR 1.28 trillion.

Meanwhile, sales of strata title land and buildings rose even higher by 260.23 percent to IDR 240.42 billion from the previous IDR 66.74 billion. Meanwhile, almost all revenues from other businesses were also observed to grow.

Rental income decreased up from IDR 173.14 billion to IDR 180.64 billion. Revenue from the construction sector rose to IDR 127.87 billion from the previous IDR 67.11 billion.

Furthermore, revenue from recreational arenas increased from IDR 1.59 billion to IDR 3.53 billion. Then, revenue from building managers rose to IDR 82.34 billion from IDR 68.74 billion.

Other income was also observed to increase from the previous IDR 6.48 billion to IDR 7.3 billion in the first quarter of 2022. However, the impact of the increase in income from these various segments did not spread to the bottom line report card because the company's expenses also swelled.

Including the cost of goods sold, which was monitored to increase to IDR 767.38 billion in the first quarter of 2022. This made BSDE's operating profit also decrease from IDR 746.07 billion in the first quarter of 2021 to IDR 630.46 billion.