Pollux Habibie Tower Developer In Batam Owned By Conglomerate Nico Purnomo Po Raises IDR 194.5 Billion In Revenue In The First Quarter Of 2021

The Meisterstadt Superblock Project is being worked on by Pollux Properti in Batam. (Photo: Doc. Antara)

JAKARTA - The property development company, a subsidiary of Pollux Properties Ltd, namely PT Pollux Properti Indonesia Tbk (POLL) announced that it was able to reverse the loss into net profit.

The issuer, which develops the Chadstone Cikarang, Meisterstadt Batam, and World Capital Tower Jakarta projects, recorded a revenue surge of 3,113 percent to Rp194.5 billion in the first quarter of 2021, from Rp6.05 billion in the same period the previous year.

In Pollux Properti's financial report published on the Indonesia Stock Exchange (IDX) page, quoted on Tuesday, September 21, this surge in revenue was obtained from office sales, which rose to Rp136.6 billion, from Rp708.8 million. Then, the company's apartment segment in the first quarter of 2021 also started to record revenue, which was Rp. 57.2 billion.

For the mall segment, the company controlled by conglomerate Nico Purnomo Po recorded revenue of IDR 266 million. However, the company's hotel revenue fell to Rp. 194 million, from Rp. 834 million in the same period last year.

This increase in revenue was followed by an increase in the company's cost of revenue to Rp. 97.2 billion. During the first quarter of 2021, the company also recorded an increase in gross profit of 1,701 percent to Rp. 97.3 billion, from Rp. 5.4 billion on an annual basis.

With this steady revenue performance, POLL was recorded to reverse a net loss of Rp. 14.4 billion in the first quarter of 2020, to a net profit of Rp. 31.2 billion in the first quarter of this year.

As of the first quarter of 2021, the company recorded a decrease in total assets to IDR 7.002 trillion, from IDR 7.017 trillion at the end of December 2020.

In detail, the company's total liabilities decreased to Rp5.45 trillion, from Rp5.53 trillion at 31 December 2020. Meanwhile, the company's total equity increased to Rp1.54 trillion on 31 March 2021, from Rp1.48 trillion at the end of 2020.

For information, Pollux Properti is building the Meisterstadt superblock which stands on an area of 9 hectares. The first integrated superblock in Batam consists of 11 skyscrapers, including eight apartment towers with a total of 6,500 units, hotels, international hospitals, office towers, malls, shops, and universities.

In the project, there is such a thing as Pollux Habibie Financial Center & International Hotel, where the building has a height of up to 350 meters and will make Meisterstadt a new icon of Batam and Indonesia.

Its height is almost double that of Singapore's Marina Bay Sands. The location is very strategic, right in the heart of Batam City, close to the ferry terminal to Singapore, and not far from Hang Nadim International Airport Batam and the Nagoya commercial district.