JAKARTA. PT Total Bangun Persada Tbk (TOTL) revised its 2019 target due to the shrinking demand for development, especially from the highrise segment.
TOTL revised its revenue target from Rp 3.1 trillion to Rp2.8 trillion in 2019. Not only that, but the net profit target was also reduced from Rp 245 billion to Rp 210 billion.
Nevertheless, Moeljati Soetrisno, Director of TOTL is optimistic that her party can achieve the target, thanks to the new projects it just obtained.
"Within these two months, we got the Padma hotel project in Semarang owned by Djarum. Then, the Surabaya Future Education Center school owned by the Maspion group, and we are also building an office in the Bintaro area owned by the Mercedes group. So even though there was a revision in 2019, we could make up for it next year, " she explained at the company's public expose in Jakarta on Wednesday (18/9).
In addition to the three projects mentioned, TOTL also obtained new development projects such as the construction of the Garden Residence-Sakura Garden City apartment in Jakarta, IKEA Store 3 in Bandung, renovation of Poins Square, and the construction of Graha Paramita II in Bintaro.
As of September 2019, the company has generated Rp 1.61 trillion or equal to 81% of this year's total revenue target. (AM/AR)