PT. Ciputra Development Tbk Record Total Revenue Rp6, 4 Trillion

INDUSTRY.co.id - Jakarta - PT. Ciputra Development Tbk or CTRA recorded total revenues of Rp6.4 trillion in 2017, down 4% compared to Rp6.7 trillion in 2016.

Acquisition of the recurring income segment that includes shopping centers, hotels, office rentals and hospitals reached Rp1.7 trillion, or grew 7% compared to the same period in 2016. Revenue from shopping centers rose by 1% to Rp763 billion. Revenue from the hotel rose 17% to Rp480 billion. Rental office revenue increased 15% to Rp132 billion. Overall, this recurring revenue segment contributed 27% of total revenue in 2017.

The revenue from the property development segment includes residential houses, shophouses, land, apartments and office buildings recorded at Rp 4.7 trillion, down 8% compared to Rp5.1 trillion in 2016. Recognition of a longer income by 12% to Rp3.4 trillion from the same period in 2016.

Based on these performances, CTRA's net profit in 2017 reached Rp894 billion during 2017, or decreased by 12% from 2016. This was more due to timing differences over sales recognition. Thus, CTRA is optimistic that net income in 2018 will rise in line with the increase in sales recognition.

Optimism about achieving better financial performance in 2018 also takes into account the backlog that exists today. This can be seen from the achievement of marketing sales in the first two months that has reached Rp1, 0 trillion, from the total target this year of Rp7, 7 trillion.

"That is certainly a good indicator because there is an 18% growth compared to the same period last year. We are optimistic to achieve this year's target by considering several things, such as the diversity of products, geographical coverage, and strong brands," said CTRA President Director Candra Ciputra.

During 2017 CTRA launched four new residential projects namely Barsa City Yogyakarta, CitraLand Cibubur, CitraLand Tallasa City Makassar, and CitraPlaza Nagoya Batam. This is expected to strengthen CTRA's position in the national property business scene and provide benefits to the local economy.