Property Developer Owned By Conglomerate Ciputra Earns IDR 1.85 Trillion In Revenue In Q1 2021

Illustration. (Photo: Doc. Ciputra Development)

JAKARTA - Business in the property sector is said to be rising this year. One of the property developers, PT Ciputra Development Tbk (CTRA) posted an increase in revenue and net profit in the first quarter of 2021.

Quoted from Ciputra Development's financial report published on the Indonesia Stock Exchange (IDX) page, Monday, May 17, the company's revenue from the late Ciputra conglomerate was recorded at IDR 1.85 trillion in the first quarter of 2021. This achievement grew 23.3 percent compared to the same period last year of IDR 1.50 trillion.

CTRA's revenue consists of net sales and operating income. Net sales dominated with IDR 1.40 trillion or 75.67 percent of CTRA's total revenue in the first quarter of 2021.

The net sales of CTRA were supported by the residential and shophouse segment of IDR 783 billion. Furthermore, net sales from the office segment amounted to IDR 293.38 billion, apartments amounted to IDR 186.72 billion, and plots amounted to IDR 138.59 billion.

Overall, CTRA's net sales in the first quarter of 2021 increased 33.3 percent compared to the March 2020 period of IDR 1.05 trillion.

In terms of operating income, the hospital segment contributed the largest contribution with IDR 195.57 billion. Followed by the commercial center segment worth IDR 139 billion, office rents IDR 55.51 billion, hotels IDR 47.61 billion, golf courses IDR 8.6 billion, and others worth IDR 2.53 billion. CTRA's total operating income in the first quarter of 2021 amounted to IDR 449 billion, a slight decrease of 0.88 percent compared to the first quarter of 2020.

CTRA's cost of sales and direct expenses stood at IDR 920.93 billion, up from IDR 801.52 billion on March 31, 2020. However, CTRA reduced general and administrative expenses from IDR 282.18 billion to IDR 249.23 billion in the first quarter of 2021. Sales expenses in the period also decreased from IDR 90.52 billion to IDR 64.42 billion.

Meanwhile, CTRA's operating profit increased 75 percent from IDR 386.35 billion to IDR 676.42 billion as of March 2021. The achievement succeeded in making CTRA narrow the current period profit attributable to owners of the parent entity of IDR 243.37 billion or up 37.10 percent compared to the first quarter of 2020 of IDR 177.50 billion.

In terms of liabilities, CTRA booked IDR 21.71 trillion, or a slight decrease of 0.36 percent compared to total CTRA liabilities in the first quarter of 2020. CTRA's liabilities consist of short-term liabilities of IDR 9.61 trillion and long-term liabilities of IDR 12.10 trillion.

Meanwhile, the total equity of CTRA until March 2021 amounted to IDR 17.79 trillion, an increase of 1.94 percent compared to the same period last year. In the first quarter of 2021, total CTRA assets were recorded at IDR 39.51 trillion. Consists of current assets of IDR 20.76 trillion and non-current assets of IDR 18.74 trillion.