Pakuwon Jati recorded a net profit of IDR 600.7 billion in 9M 2020
JAKARTA. PT Pakuwon Jati Tbk (PWON) or Pakuwon only managed to book a net profit of IDR 600.7 billion during the period of January-September (9M) 2020, 72% lower than its record from the same period last year.
PWON's management said that the massive decline in its net profit in 9M 2020 was mainly caused by the massive decline in its revenue (IDR 3.05 trillion), 42% lower than its revenue in the same period last year.
PWON had cash and cash equivalents of IDR 3.83 trillion at the end of the 9M 2020, 11.12% lower than its position at the end of December 2019.
In the recently released financial report, PWON's management stated that the company's rental and maintenance business line was the largest contributor to the company's revenue (IDR 1.24 trillion or 40.71% of total revenue), followed by condominium and office sales (IDR 883.29 billion or 28.99% of total revenue), land and building sales (IDR 343.56 billion or 14.25%), hotel (IDR144 billion or 4.73%), and others (IDR343 billion or 11.26% of total revenue). (KR/AR)