JAKARTA, NETRALNEWS.COM - Property developer PT Intiland Development Tbk or Intiland reports financial performance ending December 31, 2016.
Based on the 2016 income statements, the company recorded revenues worth IDR2.28 trillion, up 3.4 percent from 2015’s IDR2.2 trillion.
Director of Capital and Investment Management of Intiland Archied Noto Pradono explained that the rise in revenue value is primarily due to sale recognition of the settlement of housing units in Serenia Hills residential area, South Jakarta; development progress of Regatta apartment project in the area of Pantai Mutiara, North Jakarta.
In addition, there was also an increasing contribution from recurring income derived from the office management in South Quarter, South Jakarta and rent of standard factory buildings and area management in Ngoro Industrial Park, Mojokerto, East Java.
"We will continue to increase the contribution of recurring income segment. Along with the completion of a mixed-use development projects such as Praxis and Spazio Tower in Surabaya it will make a positive contribution to the performance of the company," said Archied in a press release, Thursday (3/30/2017).
In 2016, the contribution of recurring income reached 15.3 percent or IDR347.6 billion, up 53.4 percent compared to 2015 amounting to IDR226.6 billion.
Meanwhile, development income segment gave the largest contribution amounting to 84.7 percent or IDR1.93 trillion. Finally, the segment of industrial estate development contributed IDR81.3 billion, or 3.6 percent of total revenues in 2016.
According to Archied, the national property industry experienced heavy pressure throughout 2016. This condition directly suppressed sales performance and therefore contributed to the company's profitability gain.
"We recorded a net profit IDR298,9 billion, down 25.6 percent compared to 2015. The decline in profit was also affected by an increase in operating expenses and interest expense throughout 2016," explained Archied. (*)