JAKARTA. PT Nusa Raya Cipta Tbk (NRCA) managed to generate Rp 583 billion in revenue in Q1 2019, 14.52% lower than its revenue in Q1 2018 (Rp 682 billion).
Hadi Winarto Christanto, Director of NRCA, said that the decline was triggered by the general elections (Pemilu) in Indonesia. As a result, said Christanto, property developers tend to delay their project development plans.
"Some of the developers are rather slow, because as we know that there is an election event," Christanto said on Friday (3/5) when he met idnfinancials.com.
In addition, Christanto claimed that a number of investors were also holding back investment plans in the property sector. He estimates that developers and property investors will push their performance in the third quarter of this year, after the election is complete.
"It is hoped that after this event has finished there will be a surge in the property sector in particular," Christanto said. (KR/AR)