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Bumi Serpong Q1 profit soars to IDR 588.29 billion

04 May 2021 08:17

JAKARTA - The performance of PT Bumi Serpong Damai Tbk (BSDE), the developer of the independent city of BSD, surged in the first quarter of 2021 compared to the same period last year. The company's achievements in the first quarter of this year were even higher than the performance in 2020.

Hermawan Wijaya, Director of PT Bumi Serpong Damai Tbk (BSDE), said that the growth in net profit performance was due to surging sales and the implementation of cost efficiency policies during the pandemic. "Net profit increased by 126.58 percent from IDR 259.65 billion to IDR 588.29 billion," he said in a press release quoted on Tuesday (4/5).

He conveyed that business sales were recorded at IDR 1.67 trillion, growing 11.6% from IDR 1.49 trillion in the first quarter of 2020. The biggest contributor or 81% came from property sales (landed houses and apartments) amounting to IDR 1.35 trillion. The rental business segment contributed IDR 1.73.14 billion, and the construction segment IDR 67.11 billion, while the rest came from the hotel, recreation arena and building management business segments.

As an information, the government implemented an intensive Value Added Tax (PPN) policy for the property sector from March 2021 to August 2021. This policy is expected to encourage consumer purchasing power and weak sales of the property industry throughout 2020 due to the COVID-19 pandemic. (LK/LM)

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