PT Pakuwon Jati (PWON) posted net income on quarter III 2015 of Rp 3,563 billion, increased 31% from the same period in 2014 of Rp 2,717 billion. While adjusted net income grew 5%1)
|Total Adjusted Net Income1)||1,400||1,331||5%|
1) The amount of the adjusted net income is beyond the number of foreign exchange losses in the third quarter 2015 and a foreign exchange gain in third quarter 2014 were respectively Rp 140 billion and Rp 6 billion.
The composition of income consists of 48% recurring revenue and 52% development revenue is consistent with Company strategy to grow with a balanced composition between recurring revenue and development revenue, where both of these revenue sources grew respectively 38% and 26%.
The Company's recurring revenue on the third quarter of 2015 reached Rp 1,698 billion compared to the same period in 2014 of Rp 1,231 billion, the increase in revenue came mainly from retail shopping center in the Superblock Kasablanka City, superblock Gandaria City, Superblock Tunjungan City and Superblock Supermall Pakuwon Indah.
The expansion of retail shopping centers in Superblock Tunjungan City (stages 5 and 6) and the Superblock Supermall Pakuwon Indah which is currently underway will provide an additional 26% of the total NLA in the near future. A portfolio of recurring revenue will also increase with additional 5 hotel (Sheraton Jakarta Gandaria City, Ascott Waterplace Surabaya, The Four Points by Sheraton Surabaya, Pullman Surabaya Supermall and Ibis Styles Surabaya Supermall. The company also plans to increase the area of lease office space in Superblock Tunjungan City, Kasablanka City and Gandaria City.Retail shopping center Tunjungan Plaza stage 5, which has been in commercial operation began last September 2015, will impact the full contribution of recurring revenue in 2016, said Irene Tedja. Development revenue rose 26% from Rp 1,486 billion to Rp 1,865 billion, supported by a mix of revenue recognition on the sale of condominium units and office Tunjungan Plaza 5, apartments Orchard and Tanglin in Superblock Supermall Pakuwon Indah, apartments Educity and units landed residential Pakuwon City.