JAKARTA – PT Bumi Serpong Damai Tbk (BSDE), the developer behind BSD City, recorded a 77.7% year-on-year drop in net profit to IDR 320.62 billion in the first quarter of 2025.

According to data from IDNFinancials.com, BSDE’s revenue also fell sharply by 28.5% to IDR 2.7 trillion by the end of March 2025.

“Last year we recorded the highest performance growth in the 2019–2024 period, so there is a market adjustment or correction in the first quarter of this year,” claimed Hermawan Wijaya, Director of BSDE, in an official statement quoted today (26/5).

Cited from official disclosure of BSDE, sales of housing units, land lots, and strata-title properties were the primary contributors to BSDE’s revenue in Q1 2025, reaching IDR 2.3 trillion.

This was followed by leasing revenue of IDR 232.73 billion, building management income of IDR 94.25 billion, and other revenues of IDR 74.72 billion.

BSDE’s gross profit also fell 35.8% to IDR 1.7 trillion in Q1 2025, causing the gross profit margin to shrink from 70.2% to 62.8%.

The significant decline in net profit also led to a sharp contraction in BSDE’s net margin, dropping from 38.2% to 11.8%.

As of today (26/5), BSDE’s share price has dropped 2.22% to IDR 880 at the close of the first trading session at 12.00 PM WIB. Year-to-date, the stock is down 7.37%. (ZH)