JAKARTA. PT Indonesian Paradise Property Tbk (INPP) recorded a fantastic profit growth after selling the shares of PT Plaza Indonesia Realty Tbk (PLIN).
INPP sold all of PLIN's shares in June 2019. From this transaction, the owner of the Harris Tuban Bali Hotel and the Sheraton Bali Kuta Resort obtained Rp 1.58 trillion. In the end, INPP recorded a net profit of Rp 2.02 trillion, 2,559% higher than the figure recorded in 2018.
INPP also recorded double-digit growth in its revenue. The company's revenue rose by 16.84% to Rp 990.2 billion last year. INPP's revenue was supported by sales of commercial projects (Rp 403.16 billion), followed by revenue from hotel (Rp 339.65 billion), and property sales (Rp 157.37 billion).
INPP's total asset value was recorded at Rp 7.98 trillion, while its liabilities were recorded at Rp 1.65 trillion. (AM/AR)