JAKARTA – PT PP Properti Tbk (PPRO) recorded a loss of IDR 1.09 trillion throughout 2024. While still in deficit, this figure improved by 14.97% year-on-year (yoy) from the IDR 1.28 trillion loss in 2023.

This reduction in loss also impacted the loss per share, which decreased to IDR 18.49 per share in 2024, down from IDR 21.72 per share the previous year.

According to the financial report released last weekend, PPRO's losses were in line with a 53.38% yoy decline in revenue to IDR 458.5 billion in 2024. The previous year, the state-owned company had recorded revenues of IDR 983.51 billion.

The reduction in losses was partly attributed to the efficiency measures applied to the cost of sales and operating expenses in 2024.

According to its financial statements, PPRO's cost of sales in 2024 decreased by 114.2% yoy to IDR 434.46 billion. However, operating expenses increased by 33.6% yoy to IDR 84.63 billion in 2024. (DK/KR/ZH)