JAKARTA - PT Lippo Karawaci Tbk (LPKR), Indonesia's leading real estate company based on total assets and revenue, today announced its results for the first nine months of 2020. Despite Covid-19, Real Estate Development revenues increased by 46.3% to Rp2. 37 trillion from Rp1.62 trillion as the Company's core property business is showing signs of improvement.
This was boosted by strong revenue growth at Cikarang, recognition at LPKR of handovers at Hillcrest and Fairview Towers in Lippo Village, and sales of existing inventory. The property business continues to show signs of resilience as marketing sales in 9M20 increased by 100% YoY to Rp2.28 trillion from Rp1.14 trillion in the same period last year.
Lippo Cikarang reported strong revenue growth as the company is successfully marketing its affordable landed housing project, and the Orange County apartment complex continues to complete hand-overs of units. LPCK's revenue is increased by 50.0% to Rp1.59 trillion in 9M20 from Rp1.06 trillion in 9M19.
Siloam Hospitals experienced a decrease in revenue in 9M20 of 4.1% YoY to Rp5.0 trillion from Rp5.2 trillion in the prior year. Despite this decline, Siloam continued to account for 80.5% of total recurring revenues in 9M20 compared to 75.2% in 9M19. (LM)