PT Pakuwon Jati (PWON) posted a net income of Rp 5,229 billion, an increase of 19% from the previous year which amounted to Rp 4,394 billion. While comprehensive income was recorded at Rp 2,002 billion, up 30% from 2017 which amounted to Rp 1,538 billion. 

Apart from adjustments to foreign exchange rates and penalties for redemption of bond debt, PWON's comprehensive profit grew 34% compared to last year, said Minarto Basuki, Director and Corporate Secretary of the Company.

The composition of income in 2018 consists of 49% recurring revenue and 51% development revenue, consistent with the Company's strategy to grow with a balanced income composition between recurring and development revenue.

The Company's recurring revenue in 2018 reached Rp 2,562 billion, up 19.1% compared to 2017 which amounted to Rp 2,151 billion, supported by, among others, increases in revenues from Pakuwon Mall shopping center stages 2 and 3 which were opened in February 2017 and Stage 6 opened Tunjungan Plaza Mall September 2017 as well as additional retail shopping centers and existing hotels of the Company.

The Company's development revenue in 2018 reached Rp 2,666 billion, up 18.9% compared to 2017 which amounted to Rp 2,243 billion, due to recognition of revenues from Anderson Pakuwon Mall Phase 4 apartments and home sales in Pakuwon City Surabaya.

The 2018 capital expenditure disbursed by the Company reached Rp 1,540 billion to finance the Kota Kasablanka Phase 2 construction projects, Tunjungan Plaza 6, and Pakuwon Mall extensions and land acquisition.

2019 Growth Base

Recurring revenue, especially from retail shopping centers, will still provide additional revenue in 2019, and it is planned that 2 hotels in Pakuwon Mall will operate.

PWON's development revenue will also continue to grow with the recognition of revenue from the sale of new apartments in the Pakuwon Mall Superblock (Anderson, Benson and La Viz) and the new apartment at EastCoast Mansion, Amor.

Overview of PT Pakuwon Jati Tbk.

Pakuwon Jati, is the owner, manager and property developer who entered his 36th year this year. The company has been listed on the IDX since 1989. The company has a well-diversified business concept through investment property, where Pakuwon develops, owns and manages commercial shopping centers, offices and hotels and property development, where Pakuwon Jati develops strata-tittle offices and condominiums and development township residential for sale. Pakuwon Jati will continue to grow with a balanced growth strategy between recurring and development revenue.

The following is the Company's property portfolio:

· Superblock Gandaria City, Jakarta (retail shopping centers, apartments, offices and hotels)

· Kota Kasablanka Superblock, Jakarta (retail shopping centers, apartments and offices)

· Somerset Berlian, Jakarta (service apartment)

· Blok M Plaza, Jakarta (retail shopping center)

· Tunjungan City Superblock, Surabaya (retail shopping centers, apartments, offices and hotels)

· Pakuwon Mall Superblock, Surabaya (retail shopping centers, service apartments, as well as 4-star apartments and hotels and 5-star hotels under construction)

· Royal Plaza, Surabaya (retail shopping center)

· Pakuwon City township, East Surabaya (landed residential and apartments)

· Grand Pakuwon City township, West Surabaya