JAKARTA. PT Intiland Development Tbk (DILD) announced that it recorded net profit growth of 74.4% YoY in the first quarter (Q1) of 2020 of Rp 84.4 billion, despite the fact that its revenue fell by 6.4% YoY to Rp 830.6 billion.
In an official statement released today, DILD management said the decline in revenue was due to weak sales from the mixed-use and high-rise residential property sector. "This decline also occurred due to the impact of a slowdown in the property market during the first quarter of 2020," DILD management said.
Despite the weak sales, mixed-use & high rise segment still contributed 54.8% or Rp 455.1 billion of the company's revenue, followed by recurring revenue (19.2% or Rp 159.6 billion), and the landed residential segment (11.0% or Rp 91, 7 billion).
Meanwhile, DILD's net profit growth, management said, was supported by revenue from the company's projects. In addition, the implementation of PSAK 72 in 2019 also helped the company record net profit growth.
DILD's net income margin in Q1 2020 increased to 10.2%, from 5.5% recorded in the same period last year. However, its debt to equity ratio rose to 59.2% in Q1 2020, from 49% in Q1 2019. (KR/AR)