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Lippo Cikarang revenue falls 23.29% in 2019

09 June 2020 10:53

JAKARTA - Revenue of PT Lippo Cikarang Tbk (LPCK) at the end of 2019 was recorded at Rp 1.69 trillion, down by 23.29% compared to the achievement in the previous year of Rp 2.20 trillion.

This decline in revenue was driven by a decrease in sales of commercial land and shop houses which was recorded at Rp 134.50 billion at the end of 2019. Whereas in the previous year, this segment contributed up to Rp 857.49 billion. On the other hand, industrial land sales grew 377.62% from Rp 76.75 billion in 2018 to Rp 366.89 billion at the end of 2019.

LPCK's cost of revenue in 2019 was recorded at Rp 1.01 trillion, an increase of 16.53% compared to the previous year of Rp 869.94 billion. However, the company managed to cut its operating expenses to Rp 210.86 billion and other expenses were recorded at Rp 120.18 billion.

In 2019, LPCK's other income was only recorded at Rp 28.20 billion, while in the previous year it reached Rp 773.09 billion. Thus, the company's net profit at the end of 2019 was recorded at Rp 310.91 billion or lower compared to the previous year which reached Rp 1.96 trillion. (LM)

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