JAKARTA. PT PP Presisi Tbk (PPRE), a subsidiary of PT PP (Persero) Tbk (PTPP) engaged in the building construction, suffered a loss of IDR 31.28 billion in the first quarter of 2024.

It was drastically different with the performance seen in the same quarter last year, in which the company managed to score net profit of IDR 25.39 billion.

Actually, at the top line, PPRE’s net income grew 6.3% year-on-year (yoy) to IDR 840.31 billion. However, its cost of revenue also swelled 9.55% yoy to IDR 722.02 billion in Q1 2024.

Furthermore, the company also faced a loss due to depreciation of IDR 5.99 billion in Q1 2024. Even worse, its finance income was seen shrinking 36% yoy to IDR 258 million, similar to other income that dropped 83% yoy down to IDR 5.87 billion.

Throughout Q1 2024, the construction business line still dominated PPRE’s revenue composition, with total segment income of IDR 800.72 billion, covering 95.3% of total revenue. Meanwhile, rent business line only generated IDR 23 billion of income, followed by ready mix segment of IDR 16.59 billion.

Until March 31, 2024, PPRE’s total assets were reported at IDR 7.28 trillion, with cash and cash equivalent of IDR 110.77 billion. Meanwhile, its total equity clocked up to IDR 3.31 trillion. (KR/ZH)