PTPP’s revenue declined by 16.7% YoY in 1Q21, but lower cost of revenue and operating expenses boosted profit growth to IDR38 billion (+187.3% YoY). We are optimistic that the construction sector is still a priority under the National Economic Recovery (PEN) program. PTPP is also actively working on the National Strategic Project (PSN) and still has financial flexibility with a low gearing ratio.
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