PT Pakuwon Jati (PWON) booked net income of Rp 1,647 billion, up 20% from Rp 1,378 billion in the previous year. While comprehensive profit was recorded at Rp 640 billion, up 71% from the year 2017 which amounted to Rp 374 billion.
Outside the extraordinary outpost of penalty on bond redemption of Rp 154 billion, PWON's comprehensive profit grew 21.3% compared to last year, said Minarto Basuki, Director and Corporate Secretary of the Company.
The revenue composition of 1Q2018 consists of 50% recurring revenue and 50% development revenue, consistent with the Company's strategy to grow with a balanced income composition between recurring and development revenue.
Recurring revenue of 1Q2018 reached Rp 828 billion, up 22.5% compared to 1Q2017 amounting to Rp 676 billion, supported by increased revenue from shopping center Pakuwon Mall stage 2 and 3 which was opened in February 2017 and Tunjungan Plaza Mall phase 6 which was opened September 2017 as well as additional from the Company's retail and hotel shopping centers.
Development revenue of 1Q2018 reached Rp 819 billion, up 16.7% compared to 1Q2017 amounting to Rp 702 billion, due to the recognition of revenue from Anderson's apartment sales at Pakuwon Mall and the recognition of the sale of houses in Pakuwon City Surabaya.
Capital expenditures of 1Q2018 disbursed by the Company amount to Rp 462 billion to finance construction projects of Kota Kasablanka Stage 2, Tunjungan Plaza 6, and Pakuwon Mall extension 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