JAKARTA - PT Intiland Development Tbk (DILD)'s third quarter operating income decreased 23.4% on an annual basis to Rp 1.9 trillion. In the same period last year, the company's revenue reached Rp 2.4 trillion.
The decline in the company's business performance was affected by changes in the current property market conditions. Growth this year was driven more by sales and launching of new residential projects targeting the lower middle market segment.
"We have not launched many new projects this year. We have launched several new projects, almost all of which are residential products targeting the middle to upper market segment," Intiland Director of Capital Management and Investment Archied Noto Pradono said in a press release.
The mixed-use & high rise development segment recorded the largest contribution to operating revenues reaching Rp 858 billion, or 46.3 percent of total revenue. The next contributor came from the housing area development segment with Rp 472.2 billion or 25.5 percent of the total. The industrial estate development segment contributed Rp 62.4 billion, or 3.4 percent. While the investment property segment, which is a source of recurring income, recorded Rp 461.7 billion, or 24.9 percent of the total revenue. (LM)