Standard & Poors (S & P) rating agency Global Ratings has issued its latest report.

The rating of PT Pakuwon Jati Tbk has been upgraded from B + in December 2014 to BB in February 2019. The company also has a stable outlook.

"The rating of the PWON-coded issuer is upgraded because its financial condition that continues to improve," the S & P released.

The company's net income in the third quarter of 2018 was Rp. 5.229 trillion, increased 19 percent from the previous year worth Rp. 4.394 trillion.

Revenue in 2018 is obtained from two sources, namely recurring revenue as much as 49 percent and development revenue 51 percent.

The total recurring revenue of the company in 2018 reached Rp 2.562 trillion, an increase of 19.1 percent from 2017 of Rp 2.151 trillion.

Furthermore, the developer pioneered by Alexander Tedja obtained comprehensive income in the third quarter of 2018 amounting to Rp 2,002 billion or more than Rp 2 trillion.

This figure is a 30 percent increase from the third quarter of 2017 figure of Rp 1.538 trillion.

Quoting Kontan, until the end of September 2018, PWON targeted pre-sales of Rp 2.26 trillion or the acquisition for the last nine months was still 65.38 percent.

PWON has a reserve of 439.3 hectares of land in Jakarta and Surabaya. The details are 6.5 hectares in Kota Kasablanka, 1.9 hectares in Gandaria City, 4.5 hectares in the TB Simatupang area, 11 hectares in Daan Mogot West Jakarta and 3.6 hectares in Bekasi.

Then, 3.2 hectares in the Tunjungan City area, 211.6 hectares in Pakuwon City Township, 21.5 hectares around Pakuwon City, 162.9 hectares in Grand Pakuwon Township, 3.9 hectares in Pakuwon Mall, 1.8 hectares at the Royal Plaza and 6.9 hectares around Grand Pakuwon.

This year, PWON is working on four projects in the mall shopping center. Pakuwon Jati's Finance Director, Minarto Basuki, said that the four mall projects that will be carried out by the company this year include construction and renovation.

For the construction of the mall, the company is currently developing PM Mall Phase 4 (Design Center) and the construction of EastCoast Mall extension.

Whereas the renovation of shopping centers is carried out at Blok M Plaza Jakarta and Royal Plaza Surabaya.

As for the company's mall renovation target, Minarto hopes that Blok M Plaza Jakarta will be completed by June because the project has been carried out since 2017.