JAKARTA. PT PP Presisi Tbk (PPRE), a building construction company owned by PT PP (Persero) Tbk (PTPP), only recorded net profit of IDR 7.7 billion within the first nine months (9M) of 2024.

The number dropped 80.7% year-on-year (yoy) lower from the profit recorded in the same period last year, in which the company cored IDR 39.4 billion.

According to the recently release consolidated report, PPRE’s profit downturn in 9M 2024 resulted from ever-sinking profit margin. If we look at the top line, PPRE’s revenue actually increased 5% yoy in 9M 2024 to IDR 2.72 trillion.

Some of the burdening factors include high cost of revenue, which spiked 1.8% yoy, as well as operating expenses that went up 6.6% yoy, impairment losses that increased fivefold, finance cost that swelled 32% yoy, and final tax expenses that went up 3% yoy.

Until September 30, 2024, PPRE booked total assets of IDR 7.79 trillion, with cash and cash equivalent of only IDR 193.09 billion. Meanwhile, its total equity was at IDR 3.39 trillion. (KR/ZH)