Pakuwon, Developer Of Kota Kasablanka Mall Owned By Conglomerate Alexander Tedja Earns IDR 1.1 Trillion In Revenue In The First Quarter

Kota Kasablanka Mall. (Photo: Doc. Pakuwon Jati)

JAKARTA - Property development company PT Pakuwon Jati Tbk experienced growth in performance during the first three months of this year. The surge in profits was successfully felt by the issuer codenamed PWON.

Based on the financial report as of March 31, 2021, quoted on Monday, June 7, the company owned by conglomerate Alexander Tedja recorded a profit of IDR 236.69 billion. This achievement shot up 254.53 percent compared to the same period last year of Rp66.76 billion.

Meanwhile, this property company from Surabaya posted a total revenue of Rp1.11 trillion in the first quarter of 2021. This figure decreased by 32.37 percent from Rp1.65 trillion in the first quarter of 2020.

Judging from its contribution, revenue for renting rooms and serviced apartments fell 40.54 percent on an annual basis to Rp258.62 billion at the end of the first quarter of this year. Likewise, hotel revenues fell by 35.56 percent to Rp. 71.10 billion and sales of land and buildings have not been enthusiastic with a decline of 63.07 percent to Rp. 150.30 billion.

On the other hand, sales of condominiums and offices grew 3.07 percent to Rp355.96 billion. The increase in profit when PWON's revenue was still down was observed due to a decrease in a number of expenses. Meanwhile, the cost of revenue decreased to Rp596.74 billion from the previous Rp673.45 billion.

Foreign exchange loss - net even fell even deeper to Rp108.78 billion from the previous Rp557.62 billion. Meanwhile, the associate's net profit was recorded at Rp.4.32 billion from the previous loss of Rp.2.38 billion.

Net derivative financial instruments also turned a profit to Rp55.76 billion from the previous loss of Rp53.86 billion. PWON was observed to experience a growth in total assets of 0.76 percent to Rp. 26.66 trillion at the end of March 2021 from the position at the end of 2020 which was valued at Rp. 26.45 trillion.

Liabilities were successfully reduced by 0.57 percent to Rp8.80 trillion since the beginning of the year and equity rose 1.44 percent to Rp17.85 trillion.