JAKARTA. The loss of PT Metro Realty Tbk (MTSM) as of September 2019 rose 32.24% year on year (yoy) to Rp 2.83 billion from Rp 2.14 billion in the same period last year. The increase was caused by higher operational cost.
MTSM Independent Director Sukardi said the higher operational cost was caused by salary increases adjusted to the minimum wage, property tax, and tax sanction from the previous year.
Meanwhile, the company's revenue surged 4.67% yoy to Rp 21.74 billion from Rp 20.77 billion in the third quarter of 2018. "Our revenue increased due to higher rental costs," said Mr Sukardi on Friday (13/12).
In response, Mr Sukardi said the company will focus on attracting more building tenants, adding that a 4.68% tenant increase brought rental income to the company. MTSM will also focus on existing assets through the rennovation of three buildings, namely Metro Pasar Baru, Melawai Plaza, and Sunter Plaza, and postpone any new building development. (AM/MS)