JAKARTA - The profit of PT Ciputra Development Tbk (CTRA) saw 0.85% decline in 2023 compared to 2022. It resulted from decreased gross profit following the increase of cost of sales and direct expenses.

Based on Financial Report 2023 quoted today (2/4), this issuer attributed net profit to parent entity of IDR 1.84 trillion, down from IDR 1.86 trillion in 2022. Meanwhile, the current year's net profit arrived at IDR 1.90 trillion, a slight decline from IDR 2 trillion in 2022.

CTRA bagged revenue of IDR 9.24 trillion, increasing, in fact, from 2022's revenue of IDR 9.12 trillion. However, gross profit slipped to IDR 4.55 trillion from IDR 4.56 trillion due to the increase of cost of sales and direct expenses to IDR 4.68 trillion from IDR 4.55 trillion. Gross profit margin then went reportedly lower than 2022's margin of around 50%.

The primary contribution towards the revenue was generated by sales of land plot, residential house and shop-house, as well as apartment and office sales of IDR 7.21 trillion. Meanwhile, operating income from commercial and trading centre, hospitals, golf course, and others brought in IDR 2.12 trillion. (LK/ZH)