JAKARTA. PT Kawasan Industri Jababeka Tbk (KIJA) recorded a 17% decline in revenue to Rp 2.25 trillion in 2019, due to slower business.
Muljadi Suganda, Corporate Secretary of KIJA, said that the decline in revenue occurred in the Land Development & Property, infrastructure service, Estate & Dryport, and Leisure & Hospitality business lines.
From the Land Development & Property business line, KIJA obtained Rp 1.03 trillion in revenue, 15% lower than its record in 2018. The decline, said Suganda, was caused by the low absorption of office space and shop houses. "Sales of high-value products in 2019 were less than in 2018," Suganda explained through an official statement.
Then infrastructure service revenue dropped by 18% YoY to Rp1.57 trillion. Revenue from the Estate & Dryport line decreased by 2% to Rp459.5 billion. While revenue from the Leisure & Hospitality line fell by 23% YoY to Rp.88.7 billion.
Nevertheless, KIJA was still able to record profit growth of 110.28% in 2019 to Rp 141.1 billion, due to a foreign exchange gain of Rp 168.3 billion. (KR/AR)