Jakarta, (30/10) – The national property developer, PT Intiland Development Tbk, managed to maintain its operating revenue performance in the third quarter of 2015. The company’s financial statement as of September 30, 2015 saw the company book a revenue of IDR 1,574.5 billion, an impressive 21.5 percent increase from the same period last year.
Archied Noto Pradono, Intiland Executive Director of Capital and Investment, said the sales of the company’s mixed-use & high-rise development projects significantly contributed to Intiland’s o revenue. The increase is notably due to the sales of Intiland’s popular projects, namely 1Park Avenue, South Quarter, Aeropolis, Ngoro Industrial Park and Serenia Hills.
Mixed-use & high rise segment maintains its position as the biggest contributor with IDR 824.6 billion or 52.4 percent of the total revenue. Residential area booked operating revenue of IDR 418.6 billion or 26.6 percent. Industrial estates contributed IDR 168.3 billion or 10.7 percent. Meanwhile, property investment segment, which includes office space lease, golf court and sports facilities, contributed IDR 163 billion or 10.4 percent.
Based on the type, development income contributed IDR 1,411.5 billion or 89.6 percent, while recurring income contributed IDR 163 billion or 10.4 percent.
Even though the company reported an increase in its operating revenue, the company’s gross profit experienced a drop of 3.6 percent compared to the same period last year. This year’s gross profit for the third quarter is IDR 665.1 billion. And the company recorded operating income of IDR 256.8 billion and net profit of IDR 214.9 billion.
“The decline in profitability performance is because we haven’t achieved maximum contribution from the industrial estate; and also due to the increase in operational costs,” Archied said.
He admitted the property sector is facing an uphill struggle this year. Global economy turmoil and the weakening Rupiah against US Dollar have put a pressure on property developers, due to the risk of increasing construction costs and weakening purchasing power.
Marketing Sales
In the third quarter of 2015, the company successfully launched a new project, Graha Golf condominium in Surabaya. Of the two towers launched, 82.4 percent of the total units available were sold with the sales value of IDR 598.8 billion. In the same period, Intiland also marketed 9.9 hectare of industrial area in Ngoro Industrial Park, and booked sales income of IDR 168.3 billion.
Archied said the market condition and property investment climate in the near future would still be under a lot of pressure. Even so, there have been signals of rebounding along with the national economy stabilizing. This is following the government’s move to issue several economy policy packages which the market responds positively. The strengthening Rupiah against US Dollar and the clear tax regulation help players in the industries in planning or anticipating future development.
As of September of 2015, Intiland recorded marketing sales of IDR 1,381.6 billion. In the period of July-September 2015, the company booked marketing sales of IDR 884.8 billion, almost double of the earnings compared the two previous quarters this year. The biggest contribution came from the sales of Graha Golf condominium and industrial estate, which is worth IDR 767.1 billion.