Buoyant Revenues Contributed by Surabaya–Based Projects
PWON posted the growth of 19.5% y-y into IDR1.65 trillion in the 1Q18 net revenue and the surge of 61.8% y-y into IDR563 billion in the 1Q18 net profit. The sale of land and buildings performance surged by 74.2% y-y into IDR281 billion, while the net profit margin spiked into 34.2% from 25.2% in 1Q17. Nevertheless, the marketing sales edged down by 7.3% y-y into IDR605 billion.

Geographically revenues deriving from Surabaya–based projects surged by 58.5% y-y into IDR981 billion backed by Pakuwon Mall and Pakuwon City projects. We estimate that revenues derived from Jakarta–based projects likely spike along with the nearly completed construction of condominiums in Kota Kasablanka Phase 2.


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