JAKARTA – The revenue of PT Pakuwon Jati Tbk (PWON) increased 12.60% year-on-year (yoy) in the first half (H1) of 2024, but its net profit plummeted 23% yoy due to swelling of several expense posts. Its profit reportedly slipped to IDR 846.33 billion, down from IDR 1.09 trillion.

Based on Financial Report of H1 2024 quoted today (2/8), Alexander Stefanus Ridwan Suhendra, President Director of PWON, revealed that the revenue reached IDR 3.26 trillion, up from IDR 2.89 trillion in the first half of 2023

Its gross profit then went up 14.15% yoy to IDR 1.84 trillion from IDR 1.61 trillion, bringing gross profit margin up to 56.63%, improving from 55.87% seen in H1 2023.

Profit before taxes, however, dropped to IDR 1.05 trillion from IDR 1.24 trillion due to increased expenses. Selling expenses increased to IDR 142.3 billion, as did general and administrative expenses to IDR 256.04 billion, finance costs to IDR 191.03 billion, final taxes to IDR 203.28 billion, loss from foreign exchange to IDR 297.77 billion, and other expenses to IDR 21.49 billion.

Space rental brought in IDR 996.08 billion worth of revenue, up from IDR 908.16 billion, followed by service apartment segment of IDR 38.05 billion, also increasing from IDR 33.08 billion, as well as contract with users that generated IDR 2.22 trillion, up from IDR 1.95 trillion. (LK/ZH)