Pakuwon Jati's Net Income Grows 18 Percent in 2017

By : Abraham Sihombing And Aldi Firhand. A | Thursday, March 22 2018 - 21:20 IWST

Tunjungan Plaza 6 in Surabaya, East Java
Tunjungan Plaza 6 in Surabaya, East Java

INDUSTRY.co.id - Surabaya - PT Pakuwon Jati Tbk (PWON), one of Indonesia Stock Exchange's (BEI) developers, posted a net income of Rp5.72 trillion in 2017, a 18.1% increase compared to last year's Rp4.84 trillion.

"About 52% of the net income is recurring revenue and the remaining 48% is revenue from development projects," said Minarto Basuki, Director of PWON, also concurrently as Corporate Secretary, in Surabaya , Thursday (22/03/2918).

Minarto argues, PWON sustainable income in 2017 was recorded at Rp2, 96 trillion, an increase of 15.7% compared to the previous year amounting to Rp2, 55 trillion. The increase was supported by an increase in revenues from Pakwon Mall stage 2 and 3 shopping centers that opened in February 2017 as well as additional retail and corporate shopping centers that already exist.

Meanwhile, according to Minarto, the company's revenue derived from the development of property projects in 2017 reached Rp2.76 trillion, growing by 20.8% compared to the previous year of Rp2.29 trillion. The growth was due to the recognition of revenue from the sale of the Kota Kasablanka Stage 2 apartment.

Total sales of marketing (marketing sales) company throughout January-December 2017 recorded at Rp2, 5 trillion. Approximately 62% of the marketing sales value is from apartment sales. The remaining 30% and 8%, respectively, will come from sales of home sites and offices.

"The Company throughout 2017 has realized capital expenditure amounting to Rp2.05 trillion. It's all to finance construction projects Kota Kasablanka Stage 2, Tunjungan Plaza 6 and Pakuwon Mall extention and land acquisition, "said Minarto.

From the net income, according to Minarto, the company's management can finally book a comprehensive profit of Rp 2 trillion. It shows a 12.7% growth in corporate profits compared to the company's realized profit of Rp1.78 trillion in the previous year.

Throughout 2017, the company's shares with PWON code have experienced price growth up to 22.1%. While the index of property sector Indonesia Stock Exchange (BEI) decreased 4.31% in the same period. That's because of the general weakening of property conditions. (Abraham Sihombing)

News Comment

Today's Industry

N-Tron® Series NT5000

Kamis, 02 Februari 2023 - 12:25 WIB

New Gigabit Ethernet Switches From Red Lion Simplify Configuration With Robust Performance and Security Features

N-Tron® Series NT5000 gigabit industrial switches set a new standard for performance, reliability and ease of use, with security features designed to keep networks connected and protected Red…

PT Inocycle Technology Group Tbk (INOV)

Kamis, 02 Februari 2023 - 11:23 WIB

Rising Trends in Post-Covid Use of Recycled Products Benefit INOV

PT Inocycle Technology Group Tbk (INOV), an issuer engaged in recycling plastic bottle waste (PET) into Recycled Polyester Staple Fiber (RePSF), optimistic that its sales in 2023 will continue…

PT Autopedia Sukses Lestari Tbk (ASLC)

Rabu, 25 Januari 2023 - 09:30 WIB

ASLC Successfully Surpasses 2022 Used Car Sales Target via Caroline.id

PT Autopedia Sukses Lestari Tbk (ASLC), a company engaged in used vehicles auction and trading of used cars, succeeded in selling 2,481 units of used cars through used car dealers under its…

A woman is paying her attention to the Jakarta Composite Index board movement. (Document of INDUSTRY.co.id)

Kamis, 05 Januari 2023 - 22:29 WIB

New Economic Board, GOTO Share Moves Closer to Global Indices

The presence of the New Economic Board on the Indonesia Stock Exchange (IDX) brings many benefits to PT GoTo Gojek Tokopedia Tbk (GOTO). One of them is getting closer to the shares listing of…

PT Alkindo Naratama Tbk (“ALDO”)

Senin, 19 Desember 2022 - 23:51 WIB

ALDO Aims 2023 Sales to Increase More Than Double

PT Alkindo Naratama Tbk (“ALDO”), a listed company engaged in the integrated paper and chemical business are optimistic that the Company's performance in 2023 will improve, in line with…