In 3Q20, CTRA booked an income of IDR1.43 trillion (+11% QoQ, -4.9% YoY) or 19.6% higher than our estimates. However, GPM was slightly down to 43% (vs 45.5% 2Q20) due to high cost of goods sold. Meanwhile, gains from marketing sales in 3Q20 reached IDR1.75 trillion (+100.3% QoQ), continuing the positive recovery trend of marketing sales. In 2021, CTRA will focus on marketing sales income from sales of existing project.
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