Construction Companies Owned By Conglomerates Edwin Soeryadjaya And Sandiaga Uno These Profits Drop 45 Percent

Illustration. (Photo: Unsplash)

JAKARTA - PT Nusa Raya Cipta Tbk (NRCA) posted a decline in performance in 2020. The decline in performance was due to the impact of the COVID-19 pandemic that hit the country.

Quoted from the Nusa Raya Cipta financial report published on the Indonesia Stock Exchange (IDX) website, Thursday, April 22, the company earned IDR2.09 trillion in revenue, down from the previous year's IDR 2.62 trillion. In terms of net income, the company whose shares are owned by PT Saratoga Investama Sedaya Tbk won IDR 55.12 billion, a 45.51 percent drop compared to the previous year.

In more detail, the revenue from construction services dominates with revenues of IDR 2.08 trillion, down 20.31 percent YoY from IDR 2.61 trillion. Meanwhile, revenue from hotels fell 45.56 percent YoY to IDR 3.68 billion.

The decrease in income was also followed by a decrease in the cost of goods from IDR 2.34 trillion to IDR 1.86 trillion. As a result, Nusa Raya Cipta still posted a gross profit of IDR 228.7 billion. However, they posted an increase in other expense items from IDR 11.86 billion to IDR 21.34 billion.

NRCA recorded a significant increase in financial expenses from IDR 4.03 billion to IDR 14.95 billion and an increased share of joint venture losses from IDR 884.31 million to IDR 6.3 billion. General and administrative expenses decreased significantly from IDR 129.78 billion to IDR 106.74 billion.

In terms of assets, NRCA is recorded as having a total asset value of IDR 2.22 trillion. Total current assets reached IDR 1.98 trillion with cash and cash equivalents recorded at IDR 577.31 billion.

Meanwhile, NRCA liabilities were recorded at IDR 1.07 trillion, dominated by short-term liabilities reaching IDR 962.98 billion. Meanwhile, NRCA's equity was recorded at IDR 1.15 trillion.