JAKARTA - PT Urban Jakarta Propertindo Tbk (URBN) generated Rp 119.22 billion in net profit in 2019, 157.94% higher than the figure recorded in 2018 of Rp 46.22 billion.
According to the company's financial statements submitted to the Indonesia Stock Exchange on Tuesday (10/3), the company recorded Rp.438.56 billion in revenue, 31.92% higher than the figure recorded in 2018 of Rp 332.64 billion. Cost of revenue also increased to Rp 293.57 billion, 37.55% higher than the figure recorded in 2018 of Rp 213.59 billion. However, the company managed to cut sales and marketing expenses from Rp 33.71 billion (2018) to Rp 13.2 billion (2019) as well as generating a huge leap of financial income, from Rp 5.6 billion (2018) to Rp 45.07 billion (2019), causing the jump in net profit.
The company noted an increase in assets, from Rp 1.62 trillion (2018) to Rp 2.34 trillion (2019). Liabilities and equity also increased, from Rp 541 billion (2018) to Rp 1.07 trillion (2019) and Rp 1.08 trillion (2018) to Rp 1.27 trillion (2019), respectively. (ARM/AR)