JAKARTA. PT Lippo Cikarang Tbk's (LPCK) revenue fell by 40.51% on an annual basis to Rp 686.49 billion in the first half of this year.
LPCK's management explained that the decline was caused by the presence of profit from non-recurring land sales in the first semester of last year. As a result, the numbers in the first semester of this year were lower. Meanwhile, revenue from the sale of commercial land and shop houses fell by 85.85% YoY to Rp 68.9 billion.
"The figure in the first semester is lower due to the existence of non-recurring profits from our land sales in the first semester of last year," explained President Director of LPCK, Simon Subiyanto, through a release on Saturday (31/8).
Even so, Simon explained, through the projects that are being worked on, Lippo Cikarang remains optimistic to improve the company's performance and get high demand for new products.
The company's gross profit for the period also fell from Rp 647 billion to Rp 270 billion, and the company's net profit also fell from Rp 2.05 trillion to Rp 221 billion. LPCK's EBITDA for the first semester of 2019 also fell from Rp 2.10 trillion to Rp 252 billion. LPCK's total assets grew from Rp 9.23 trillion at the end of 2018 to Rp 9.90 trillion in the second quarter of 2019. (AM/AR)