JAKARTA – The profit of PT Mega Manunggal Property Tbk (MMLP) reportedly slowed down in 2023 despite its revenue growth from 2022. This performance resulted from various factors, including increase in finance expenses by up to 88.72% year-on-year (yoy) and interest income by 29.41% yoy.

The Financial Report of 2023 quoted today (3/4) showed that the revenue managed to grow 4.13% yoy to IDR 348.34 billion from IDR 334.52 billion in 2022. The highest income was generated from third-party sales of IDR 341.95 billion, increasing from IDR 328.31 billion. Meanwhile, related parties contributed sales of IDR 6.39 billion, up from IDR 6.20 billion.

Then, profit before income tax dropped 41.27% yoy to IDR 114.20 billion from IDR 194.45 billion. This decline resulted from increases in finance expenses and final income tax, as well as decreases in interest income and shares of net profit of associated companies.

The current year’s net profit arrived at IDR 113.35 billion, slipping 41.73% yoy from IDR 194.54 billion. Lastly, its net profit attributable to parent entity also went down 13.89% yoy to IDR 92.32 billion from IDR 107.22 billion. (LK/ZH)