Top and Bottom Line Growth of Much Higher Than 20%
3Q18’s top and bottom line growth outstripped 3Q17’s growth of much higher than 20% y-y. 3Q18’s revenue and net profit buoyed by 28.3% y-y to IDR1.85 trillion and 24.9% y-y to IDR651 billion, respectively. The growth in revenue was on the back of increment of 76.0% y-y in sales posted by the condominium and office segment. Revenue deriving from Jakarta areas increased by 1.6% compared to 1H18’s revenue on the back of existing project of Kota Kasablanka complex. Besides, the overall margins, from January to September 2018, were higher than the same period of 2017.
Recurring Income Segment Gearing to Higher Pace
In 3Q18, 3 contributors to the recurring income segment, namely rental & maintenance services, hotel revenues, and other business revenues, recorded their all-time high. PWON’s performance was the most attractive among its peers amid the stagnant backdrop of the property industry. In 2019, it will increase its hotel room capacities to 42% by constructing two hotels in Pakuwon Mall’s complex. Additionally, its recurring income is likely to be boosted by the IV phase of the under-construction project of Pakuwon Mall.
Until September, it absorbed the capex of IDR390 billion spending on the acquisition of the land of 8.7 hectares, nearby ongoing projects.
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