JAKARTA - President Director of Perum Perumnas Budi Saddewa Soediro revealed that his party's background in applying for state capital participation (PMN) amounting to Rp1.56 trillion in front of members of Commission VI of the DPR RI.
According to Budi, the application for funds is to improve the company's financial performance on the impact of the past and COVID-19 as well as increase capital for national strategic projects.
"The goal is to improve financial performance due to the past and pandemic. Where currently finances have decreased due to declining profitability and sales, operating cash flow has always been negative and the financial ratio has exceeded banking figures, so it is not bankable," Budi said at a hearing in Jakarta, Tuesday, November 15.
Budi explained that Perumnas' financial structure in the past was unhealthy, operational cash flow was always negative and had a high interest expense. Then, the wave of the COVID-19 pandemic worsened the company's situation with a decrease in profitability due to declining demand and limited availability of bank credit for low-income people (MBR).
"On the other hand, we have quite a lot of supplies. There are 8,710 ready-to-live houses in various conditions. Some are damaged and we have to repair them. Then we are still in the construction process as many as 8,900 units and we are ready to build plots, there are 50,000 units that we can carry out," explained Budi.
Budi added that the PMN funds will also be used to settle the inventory of 13,545 housing units consisting of more than 10,800 landed houses with a total funding requirement of Rp1.1 trillion and 2,678 flats with a total need of Rp443 billion.
"Indeed, we cannot reach all the development areas that we are doing, but we are trying to resolve them at locations that have quite a lot of supplies and an interest in housing ownership through this national regulation is quite large," he explained.
With this PMN, Budi hopes to improve the company's financial condition so that it can get access to funding from banks.
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