In 1Q20, PWON posted revenue of IDR1.65 trillion (-3.5% YoY). Due to the exchange rate loss of up to IDR557.62 billion, net profit plunged to IDR67 billion (-90.7% YoY). Meanwhile, recurring income still grew 1.3% YoY supported by a 4% YoY increase in the rental and service charges segments. Two business locations, namely Jakarta and Surabaya, which are the highest ranks in the Covid-19 cases, are a challenge for PWON in developing strategies to maintain business stability during the pandemic.
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