JAKARTA - PT Pakuwon Jati Tbk (PWON) saw net profit decline in Q1 2024 due to increased general expenses, as well as losses on foreign exchange (forex). In contrast, the revenue actually increased from the same quarter in 2023.

Based on Financial Report of Q1 2024 quoted today (7/5), PWON’s revenue shifted positively 10.54% year-on-year (yoy) to IDR 1.53 trillion from IDR 1.38 trillion in Q1 2023. The highest revenue came from user contract worth IDR 1.01 trillion, followed by office space lease and apartment services of IDR 520.26 billion.

PWON’s gross profit was reported increasing 13.97% yoy to IDR 851.51 billion from IDR 747.12 billion. However, the profit before taxes dropped 36.20% yoy to IDR 422.57 billion from IDR 662.43 billion. This decline resulted from several factors, including general and administrative expenses, as well as losses on forex.

The current year’s net profit then shrank 35.95% yoy to IDR 421.63 billion from IDR 658.35 billion. The net profit attributable to parent entity also slipped 44.41% to IDR 330.91 billion from IDR 595.38 billion. (LK/ZH)