PWON Revenue on quarter III 2017 increased 21%
PT Pakuwon Jati (PWON) posted net income of Rp 4,394 billion for the third quarter of 2017, up 20.9% from Rp 3.635 billion a year earlier. Meanwhile, comprehensive profit was recorded at Rp 1,538 billion, up 11.3% from 2016 which amounted to Rp 1,382 billion.
Outside the extraordinary outpost was a penalty for bond redemption of Rp 154 billion, PWON's comprehensive profit grew 22.4% compared to 2016, said Minarto Basuki, Director and Corporate Secretary of the Company.
The composition of revenues in 2017 consists of 49% recurring revenue and 51% development revenue, this is in line with the Company's strategy to grow with a balanced income composition between recurring and development revenue.
Recurring revenue of the Company in 2017 reached Rp 2,151 billion, up 14% compared to the year of 2016 amounting to Rp 1,881 billion, partly due to revenues from Sheraton Grand Gandaria City Hotel, Four Points Hotel and retail center Pakuwon Mall stage 2 and 3 which is newly operated on February 2017.
Development revenue of the Company in 2017 reached Rp 2,243 billion, up 28% from Rp 1,754 billion in 2016, due to the recognition of revenue from the sale of Kota Kasablanka Stage 2 apartment.
Marketing realization in the first quarter of 2017 reached Rp 1,786 billion supported by 70% apartment sales, 25% landed residential and 5% offices.
Capital expenditure of 2017 which has been disbursed by the Company until quarter III 2017 reached Rp 1,570 billion to finance the Company's ongoing construction projects and land acquisition.
Growth Base 2018
The retail shopping center of Pakuwon Mall phase 2 and 3 (since February 2017) and Tunjungan Plaza phase 6 (since September 2017) will provide additional recurring income in 2018.
Development revenue PWON will also continue to grow with the recognition of revenue on the sale of new apartments in Pakuwon Mall Superblock, apartments and offices in Kota Kasablanka phase 2, landed residential Pakuwon City and landed residential Grand Pakuwon.
About PT Pakuwon Jati Tbk.
Pakuwon Jati, is the owner, manager and property developer who this year entered the age of 35 years. The company has been listed on the BEI since 1989. The Company has a well diversified business concept through investment property, where Pakuwon develops, owns and manages commercial, office and hotel shopping malls and property development, where Pakuwon Jati develops strata-tittle office and condominiums and development residential city-scale residential for sale. Pakuwon Teak will continue to grow with a balanced growth strategy between recurring and development revenue.
Here is the portfolio of property owned by the Company:
• Superblock Gandaria City, Jakarta (retail shopping centers, apartments, offices and hotels)
• Superblok Kota Kasablanka, Jakarta (retail shopping center, apartment and office)
• Somerset Berlian, Jakarta (service apartment)
• Blok M Plaza, Jakarta (retail shopping center)
• Superblock Tunjungan City, Surabaya (retail shopping centers, apartments, offices and hotels)
• Superblock Pakuwon Mall, Surabaya (retail shopping malls, service apartments, apartments and 4 star hotels and 5 star hotels under construction)
• Royal Plaza, Surabaya (retail shopping center)
• Pakuwon City township, East Surabaya (landed residential and apartments)
• Grand Pakuwon township, West Surabaya