PT Pakuwon Jati (PWON) booked a net income of Rp 5,718 billion, up 18.1% from Rp 4.841 billion a year earlier. Meanwhile, comprehensive profit was recorded at Rp 2,002 billion, up 12.7% from 2016 amounting to Rp 1,776 billion.
Outside the extraordinary outpost was a penalty for bond redemption of Rp 138 billion, PWON's comprehensive profit grew 20.5% compared to 2016, said Minarto Basuki, Director and Corporate Secretary of the Company.
The composition of revenues in 2017 consists of 52% recurring revenue and 48% 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 2017 reached Rp 2,955 billion, up 15.7% compared to Rp 2,553 billion in 2016, supported by, among other things, increased revenues from Pakuwon Mall shopping centers phase 2 and 3 which opened in February 2017 and additionally from retail shopping centers and Company's existing hotels.
The Company's development revenue in 2017 reached Rp 2,763 billion, up 20.8 percent compared to Rp 2,288 billion in 2016, due to the recognition of revenues from the sale of the Kota Kasablanka Stage 2 apartment.
The realization of 2017 marketing sales reached Rp 2,505 billion supported by 62% apartment sales, 30% landed residential and 8% offices.
Capital expenditure of 2017 which has been disbursed by the Company reached Rp 2.048 billion to finance construction projects Kota Kasablanka Stage 2, Tunjungan Plaza 6, and Pakuwon Mall extention 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 revenues on the sale of new apartments in Superblok Pakuwon Mall, apartments and offices in Kota 2 phase, landed residential landed in Pakuwon City and Grand Pakuwon.
About PT Pakuwon Jati Tbk.
Pakuwon Jati, is the owner, manager and property developer who this year is entering the age of 36 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