Pakuwon Jati (PWON) profit rose 35.79% to Rp 2.54 trillion in 2018

CORPORATE ACTION - JAKARTA. PT Pakuwon Jati Tbk (PWON, member of Kompas100 index) posted a net profit that can be distributed to the parent entity by Rp 2.54 trillion in 2018. The profit grew 35.79 percent compared to 2017 which amounted to Rp 1.87 trillion.

PWON's net profit was supported by net revenue that reached Rp 7.08 trillion, an increase of 23% compared to 2017 of Rp 5.74 trillion.

Based on the press statement received by Kontan.co.id, Tuesday (3/26), the composition of income in 2018 consisted of 49% recurring revenue and 51% development revenue. This is a PWON strategy to grow with a balanced of income between recurring and development revenue.

PWON's recurring revenue in 2018 reached Rp 3.46 trillion, up 16.1% compared to 2017 valued at Rp 2.98 trillion. This revenue is supported by the increase in revenue of fully operational malls from Phase 2 and Phase 3 of the Pakuwon Mall shopping center which opened in February 2017. The Tunjungan Plaza Mall stage 6 opened in September 2017, and additional organic revenue from retail shopping centers and hotel.

While PWON revenue development in 2018 reached Rp 3.61 trillion, up 30.8 percent from 2017 which was valued at Rp 2.76 trillion. This was obtained from the income of Anderson Pakuwon Mall Phase 4 apartment and home sales in Pakuwon City Surabaya.

PWON Director Minarto Basuki said PWON's growth base in 2019 would come from recurring revenue, primarily from retail shopping centers. Also from two hotels in Pakuwon Mall which began operating in the second semester of 2019.

"Development revenue will also continue to grow with the recognition of revenues from the sale of new apartments in the Pakuwon Mall Superblock (Anderson, Benson, and La Viz) and new apartments at EastCoast Mansion, Amor," Minarto said.