JAKARTA. PT PAKUWON Jati Tbk (PWON) reported a decline in its revenue by 32.36% year-on-year (yoy) to IDR 1.12 trillion in Q1 2021.
In its recently published financial report, PWON’s revenue in Q1 2021 was affected by poor performances in several business lines. The revenue coming from the space rental line decreased 41% yoy to IDR 246 billion, while the contribution from the serviced apartment line went down by 30% to IDR 12.6 billion.
Furthermore, the additional portion of PWON’s customers’ contracts also experienced a 29.5% yoy decline to IDR 857.54 billion.
PWON had attempted several efficiency methods during Q1 2021, be it efficiency in cost of revenue, selling expenses, financial expenses, even its tax expenses.
These efficiency attempts allowed PWON’s net profit to recover compared to Q1 2020. In Q1 2021, PWON’s net profit was recorded at IDR 236.69 billion, multiplied by 2.6 yoy from Q1 2020.
As of March 31, 2021, 68.68% of PWON’s shares were controlled by PT Pakuwon Arthaniaga. Another 0.02% belonged to Alexander Tedja, and the remaining 31.30% was dispersed among the public investors. (KR/ZH)