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APLN records IDR1 trillion marketing sales in first half

22 July 2021 18:12

JAKARTA - PT Agung Podomoro Land (APLN) recorded marketing sales or pre-sales of IDR1 trillion for the first six months of this year. Marketing sales achievement in the first semester of this year increased by 90% compared to marketing sales achievement of Rp532 billion in the same period last year.

"Of the total marketing sales, around 79 percent was obtained through the sale of Podomoro Park in Bandung, Podomoro City Deli Medan, Pakubuwono Spring and Podomoro Golf View in Cimanggis," explained Agung Podomoro Corporate Secretary Justini Omas as quoted from Bisnis.com.

For information, in the first quarter of this year, APLN recorded sales and operating revenues of IDR485.44 billion, down from the same period in the previous year of IDR1.32 trillion. APLN's net loss was also observed to decrease to IDR289.79 billion compared to the first quarter of 2020 of IDR448.56 billion.

On July 15, 2021, Moody's downgraded the ratings for APLN and USD Senior Bonds from B3 to Caa1 with a negative outlook for both ratings. The decline was due to Moody's view that the company's liquidity will weaken in the next 1 to 1.5 years and APLN has high leverage. (LM)

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