JAKARTA - PT Dafam Property Indonesia Tbk (DFAM) is correcting its revenue target by the end of this year following the slowing down of housing sales and rents.

Soviadi Nor Rachman, Corporate Secretary of DFAM, mentioned that the decreased sales and rents will cause issues in cash flow. “It disrupts operational aspects, particularly in payment of short-term obligation, or bank loan,” he mentioned in the information disclosure quoted today (3/10).

According to Nor Rachman, the decline in sales and rents is noticeable in Madanaya Residence, Batang and Jatayu Residence, Pekalongan.

In the first half of 2023, this issuer collected IDR 34.65 billion of revenue, growing from IDR 30.59 billion seen in the same period in 2022. Thus, its gross profit also grew to IDR 18.13 billion from IDR 15.52 billion, allowing the net loss to improve to IDR 9.21 billion, getting better from IDR 9.96 billion of loss.

Hotel became the highest contributor of revenue in 2023 with IDR 28.05 billion, followed by real estate of IDR 2.81 billion and rentals of IDR 1.09 billion. In the first half of 2022, hotel only contributed IDR 11.96 billion, while real estate brought in IDR 2.05 billion, and rental generated IDR 1.05 billion. (LK/ZH)