Profit Drops 42 Percent To IDR 347.90 Billion In The First Quarter Of 2022, BSD Management Owned By Conglomerate Eka Tjipta Widjaja Opens Up The Cause

JAKARTA - Property developer from the Sinar Mas Group owned by conglomerate Eka Tjipta Widjaja, PT Bumi Serpong Damai Tbk (BSDE) recorded a decline in net profit despite the company's revenue surge.

BSD recorded an operating income performance of IDR 2.03 trillion in the first quarter of 2022. This achievement is equivalent to a growth of 21.43 percent when compared to the same period in 2021 of IDR 1.67 trillion.

The sales segment for land, buildings and strata title is the segment with the largest contribution, reaching 80.01 percent. These segments contributed IDR 1.62 trillion of total revenue.

As for the details, sales of land and buildings reached Rp1.38 trillion. Meanwhile, the sales segment for land, buildings and strata title in the first three months of 2022 managed to grow 20.11 percent YoY compared to last year's achievement of IDR 1.35 trillion.

Director of BSD Hermawan Wijaya said the sales sub-segment of strata title land and buildings this year grew significantly by 260.22 percent to IDR 240.42 billion from last year's position of Rp. 66.74 billion. This achievement makes this sub-segment the segment with the highest growth.

The rental income segment is the segment with the second-largest contribution with a contribution of 8.91 percent with a value of Rp180.65 billion, growing 4.33 percent compared to the same period last year.

With the above performance, after deducting the cost of revenue which grew 71.76 percent to IDR 767.38 billion, BSDE posted a gross profit of IDR 1.26 trillion. This value grew by 3.03 percent compared to the same period last year of IDR 1.22 trillion.

The operating profit in the first quarter of 2022 was recorded at IDR 630.46 billion and the profit for the period attributable to the parent owner was IDR 347.90 billion. BSDE's net profit fell by 42.01 percent compared to IDR 599.95 billion at the end of the first quarter of 2021.

"The slowdown in net profit growth is due to the fact that in the first three months of 2022, BSDE did not record significant other income as last year," Hermawan said in his official statement, quoted on Tuesday 10 May.

Following last year, as a result of inorganic growth in the form of acquisitions, BSDE posted a significant income in the other income account.