PT Pakuwon Jati (PWON) posted net income of Rp 2,951 billion for the first half of 2017, up 20.9% from Rp 2.441 billion a year earlier. While comprehensive profit was recorded at Rp 969 billion, up 0.8% from 2016 which amounted to Rp 961 billion.

                                                                                                                                                                                  Rp miliar 

 

Outside the extraordinary item in the form of a penalty for bond redemption of Rp 154 ​​billion, PWON's comprehensive profit grew 16.8% compared to 2016, said Minarto Basuki, Director and Corporate Secretary of the Company.

The composition of revenues in 2017 consists of 47% recurring revenue and 53% development revenue, this is in line with the Company's strategy to grow with a balanced income composition between recurring and development revenue.

Recurring revenue of the Company in 2017 reached Rp 1,393 billion, up 14% compared to the year of 2016 of Rp 1,226 billion, partly due to revenues from Sheraton Grand Gandaria City Hotel, Four Points Hotel and retail center Pakuwon Mall stage 2 and 3 which is newly operated on February 2017.

Development revenue of the Company's 2017  reached Rp 1,558 billion, up 28% compared to Rp 1,215 billion in 2016, due to the recognition of revenue from the sale of the Kota Kasablanka Stage 2 apartment.

The realization of marketing sales in the first half of 2017 reached Rp 1,203 billion supported by 77% apartment sales, 22% landed residential and 1% offices.

The 2017 capital expenditure disbursed by the Company for the first half of 2017 reached Rp 1,090 billion to finance ongoing construction projects and land acquisition.

 

Growth Base 2018

The operation of retail shopping center Pakuwon Mall stage 2 and 3 (since February 2017) and the immediate opening of Tunjungan Plaza phase 6 (fourth quarter 2017) will provide additional recurring income in 2018. 

Development revenue PWON will also continue to grow with the recognition of revenue on the sale of new apartments in Superblok Pakuwon Mall, apartments in Kota Kasablanka phase 2, landed residential Pakuwon City and landed residential Grand Pakuwon. 

 

About PT Pakuwon Jati Tbk. 

Pakuwon Jati, is the owner, manager and property developer who this year entered the age of 35 years. The company has been listed on the BEI since 1989. The Company has a well diversified business concept through investment property, where Pakuwon develops, owns and manages commercial, office and hotel shopping malls and property development, where Pakuwon Jati develops strata-tittle office and condominiums and development residential city-scale residential for sale. Pakuwon Teak will continue to grow with a balanced growth strategy between recurring and development revenue. 

Here is the portfolio of property owned by the Company:

• Superblock Gandaria City, Jakarta (retail shopping centers, apartments, offices and hotels) 

• Superblok Kota Kasablanka, Jakarta (retail shopping center, apartment and office) 

• Somerset Berlian, Jakarta (service apartment) 

• Blok M Plaza, Jakarta (retail shopping center) 

• Superblock Tunjungan City, Surabaya (retail shopping centers, apartments, offices and hotels) 

• Superblock Pakuwon Mall, Surabaya (retail shopping center, service apartment, and 4 star and 5 star apartments and hotels under construction) 

• Royal Plaza, Surabaya (retail shopping center) 

• Pakuwon City township, East Surabaya 

• Grand Pakuwon township, West Surabaya