JAKARTA. The revenue of PT Maha Properti Indonesia Tbk (MPRO) plummeted 38.45% year on year (yoy) from January to September (9M) 2020 to Rp 92.75 billion due to a drop in demand for apartments.
In a recently-published financial report, MPRO announced Rp 150.71 billion in revenue and Rp 7.77 billion in net profit in 9M-2020, despite having posted a Rp 884.4 million loss in the same period last year.
The majority of the company's revenue in 9M-2020 came from office leasing, which contributed Rp 76.56 billion or 82.54% of the total revenue.
The second-largest portion came from the company's apartment business, which contributed Rp 15.48 billion or 16.69% of the total revenue, down 79.3% from 9M-2019.
According to MPRO Director and Corporate Secretary Suwandi, the company's performance drop in 9M-2020 was caused by the coronavirus (COVID-19) pandemic. "A lot of consumers and investors tend to wait until situation improves and postpone their purchases," he said in a public expose sheet. (KR/MS)