JAKARTA. PT Lippo Cikarang Tbk (LPCK), a property management and development company controlled by the Lippo Group, posted a net profit of IDR 161.92 billion throughout 2023.

LPCK's net profit in 2023 decreased 37.9% from the previous year, or on a year-on-year (yoy) basis. In addition, this profit was also the lowest in the last 3 years.

According to idnfinancials.com data, LPCK scored a net profit of IDR 309.21 billion in the 2022 financial year. Meanwhile, its net profit in 2021 was recorded at IDR 189.32 billion.

The decline in LPCK's net profit in 2023 was due to revenue performance which fell 15.15% yoy, to IDR 1.07 trillion. In the previous year, the company's revenue reached IDR 1.26 trillion.

Based on business segments, LPCK's revenue in 2023 was still dominated by sales of residential houses and apartments, with sales figures of IDR 401.46 billion. Then followed by city management revenue which contributed IDR 376.16 billion, industrial land sales of IDR 151.69 billion, sales of commercial land and shop houses IDR 65 billion, and rental and land income of IDR 80.98 billion.

Until the first trading session today, LPCK's share price was stagnant at IDR 565 per share. The company's share price has fallen 26.62% or 205 points since the beginning of this year, and 34.68% or 300 points in the past year. (KR/LM)