JAKARTA. PT Pakuwon Jati Tbk (PWON) recorded a decline of 90.74% YoY in its net profit in the first quarter (Q1) this year to Rp 66.76 billion, because its business was affected by COVID-19 pandemic.
In its financial report released today, PWON management explained that in terms of revenue, there was no significant decline, only 3.5% YoY to Rp1.65 trillion in Q1 2020.
At the end of May, PWON management had actually estimated that in Q1 2020, its net profit would decrease by more than 75%, due to the implementation of Large Scale Social Restrictions (PSBB) in Jakarta and Surabaya.
PWON management also emphasized that the company also obtained less revenue from its property business in Q1 2020 compared to last year. (KR/AR)