APLN’s net profit fell by 78.75% in Q3 2019
JAKARTA. The drop in apartment sales was the main cause of the 23.16% (YoY) decline in PT Agung Podomoro Land Tbk’s (APLN) to Rp 2.92 trillion in the third quarter of 2019.
APLN’s apartment sales fell by 38.04% to Rp 1.14 trillion, while its rental income also fell from Rp 1.2 trillion to Rp 986.91 billion. Meanwhile, its housing sales also fell by 62.15% to Rp 161.17 billion.
Along with the decline in revenue, the cost of goods sold and direct expenses also declined by 24.61% YoY from Rp 1.95 trillion to Rp 1.47 trillion. All of this caused the company’s gross profit to decline by 22.62% YoY to Rp 1.45 trillion.
The company also lost Rp 177.92 billion from derivative financial instruments.
After deducting selling expenses and derivative losses, the company finally recorded a net profit of Rp 65.64 billion, 78.75% lower than its figure in Q3 2018 of Rp 308.82 billion.
In his written statement, Friday (8/11), Director of APLN, Cesar M Dela Cruz, said that the decline in revenue was the reason for the company’s profit to plummet. (AM/AR)