Property Company Owned By Ciputra Conglomerate Earns IDR2.23 Trillion In Revenue And IDR420.74 Billion Profit In The First Quarter Of 2022

Photo: Doc. Ciputra Development

JAKARTA - The property company owned by the late Ciputra conglomerate, PT Ciputra Development Tbk (CTRA) recorded a positive financial performance during the first quarter of 2022. CTRA's revenue and net profit in the first three months of this year increased significantly compared to the same period last year.

In CTRA's financial report on the information disclosure of the Indonesia Stock Exchange (IDX), quoted Monday, May 17, CTRA's revenue until the first quarter was Rp.2.23 trillion or grew 20.75 percent from the same period in 2021 of Rp.1.85 trillion.

This gain was supported by sales of land lots, residential houses and shop houses worth Rp. 1.504 trillion, up 63.3 percent compared to the first quarter of 2021 of Rp. 921.62 billion.

Ciputra Development noted that the cost of goods sold and direct costs increased by 24.09 percent to Rp1.14 trillion compared to the first quarter of 2021 at Rp920.93 billion.

As a result, Ciputra Development's gross profit was recorded at IDR 1.09 trillion in the first quarter of 2022. The gross profit increased by 17.37 percent from the same period the previous year of IDR 928.80 billion.

Ciputra Development recorded an increase in expenses, including general and administrative expenses, which rose to IDR 282.14 billion in the first quarter of 2022 from IDR 249.23 billion in the same period the previous year.

Selling expenses increased to Rp86.59 billion in the first quarter of 2022 from the same period the previous year of Rp64.42 billion. Other expenses increased to IDR5.47 billion in the first quarter of 2022 from IDR2.92 billion in the first quarter of 2021.

In addition, CTRA's net profit also grew. Ciputra Development managed to score a net profit of Rp420.74 billion, an increase of 72.83 percent compared to the same period in 2021 of Rp243.37 billion.