JAKARTA. PT Urban Jakarta Propertindo Tbk (URBN) recorded a net profit of IDR 15.15 billion as of September 30, 2022 (9M 2022). It decreased 40.6% year-on-year (yoy) from IDR 25.51 billion seen in the same period last year.
The downturn in URBN’s net profit in 9M 2022 was reportedly a result of its diminishing revenue, shifting 36.4% yoy lower to IDR 30.91 billion in September 2022. In the same period in 2021, the company still managed to score IDR 48.59 billion of revenue.
Most of URBN’s revenue came from apartment unit sales, contributing IDR 28.93 billion in 9M 2022. Then, other business segments generated revenue of IDR 1.98 billion, while land sales turned in zero revenue as of September 2022.
For the record, all of the revenue of apartment sales of URBN in 9M 2022 originated from its own Gateway Park project that is located in Bekasi. Meanwhile, other incomes were generated from the management consultancy services offered to PT Ciptaruang Persada Property (CPP) and PT Nusa Wijaya Propertindo (NPP).
As of September 30, 2022, URBN booked cash and cash equivalent of IDR 324.4 billion, while its total assets clocked up to IDR 4.27 billion, and its total equity reached IDR 2.04 billion. (KR/ZH)