JAKARTA. Analysts consider the performance of PT Pembangunan Perumahan (Persero) Tbk (PTPP) was a bit disappointing in 2019, since its net profit fell by 38.1% year on year (YoY) in 2019 to Rp 930 billion.
Joshua Michael, an analyst from Mirae Asset Sekuritas, said the profit realization was equivalent to 78% of the annual estimate.
The decline, said Michael, was mainly caused by the 1.8% YoY decline in PTPP's revenue from Rp 25.12 trillion recorded in 2018 to Rp 24.66 trillion. In addition, the company also recorded a non-operating loss of Rp 206 billion in 2019. In the previous year, the company managed to record a non-operating profit of Rp 220 billion.
"We lowered PTPP's revenue and net profit target by 7% and 3% respectively for FY2020 and FY2021," Michael explained through his official statement today.
For information, PTPP's share price also dropped significantly due to the negative sentiment related to the Covid-19 pandemic. (KR/AR)