JAKARTA. PT Nusa Raya Cipta Tbk (NRCA)'s net profit fell by 29.27% in the first quarter (Q1) of this year to Rp. 29 billion, from Rp. 41 billion recorded in the same quarter of 2018.
Hadi Winarto Christanto, President Director of NRCA, said the decline in net profit was mainly caused by the weakening of the property business in Indonesia in the last 2 to 3 years. "We study this for 2-3 years, in general, the property market is weakening," Christanto said on Friday (3/5) when he was met by idnfinancials.com.
Therefore, NRCA lowered its net profit target. Christanto said the company's total net profit in 2018 reached Rp 118 billion, but this year's net profit target would be 11.02 % lower than last year's realization. "We are targeting Rp 105 billion this year," Christanto explained.
As of Q1 this year, NRCA has obtained 27.62% of its net profit target. This means that the company needs more net profit of around Rp. 76 billion to meet this year's target. (KR/AR)