CTRA managed to book 4Q20 income of IDR3.83 trillion (+167% QoQ, +29.7% YoY) boosted by development income (+15.4% YoY). Meanwhile, recurring income fell 29.8%. On the other hand, FY20 marketing sales income achieved 122% of the target. We are optimistic that this year CTRA’s marketing sales will be able to grow up to 15% YoY. It is supported by the downward trend of interest rates, various incentives from the government, and national economic recovery.
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