Jakarta. Pakuwon Jati, a property
developer, saw a 51.3 percent increase in profit last year on rising revenue.
Net income at Pakuwon rose to
Rp 1.13 trillion ($99.3 million) last year from Rp 748 billion in the previous
year. Revenue increased to Rp 3.03 trillion from Rp 2.16 trillion in a year
earlier, the company said in a statement released in Jakarta on Monday.
Irene Tedja, head of investor
relations at Pakuwon, said that development revenue — income from the sales of
apartments and residential units — accounted for 53 percent to its total
revenue.
The development revenue stood
at Rp 1.59 trillion last year, Irene said adding that it had grown 30.6 percent
from 2012.
The company benefitted from
apartment sales at its Education City apartment block and landed residential
unit sales at the Pakuwon City residential area, both located in Surabaya, East
Java.
Irene said the rest of the
company’s total revenue came from its recurring revenue — or income coming from
the rental fees of malls, office towers, and hotels.
The company raked in Rp 1.43
trillion in recurring revenue last year from Rp 943 billion in the previous
year.
Irene said the recurring
revenue growth was supported by rent fees from its Kota Kasablanka mall in
South Jakarta, Gandaria City super block in South Jakarta and the Tunjungan
City super block in Surabaya, East Java.
Pakuwon expects to receive
additional revenue from the expansion project of Tunjungan City, which is
currently under construction, Irene said.
The expansion project includes
two retail malls, two condominium towers, and a four-star hotel.
Pakuwon plans to build a
condominium and office tower at the Kota Kasablanka super block. The Pakuwon
City residential area will see the addition of a new landed residential cluster
at this year.
Pakuwon Jati shares closed
unchanged at Rp 354 on the Indonesia stock Exchange (IDX) on Monday.
