JAKARTA, NETRALNEWS.COM – Property issuer Ristia Bintang Mahkotasejati (RBMS.JK) has announced that it will not distribute cash dividends from its 2016 fiscal book. The company recorded a net loss of IDR6.71 billion last year.
"Shareholders have agreed that there will be no dividend distribution for the fiscal year 2016," said Suhsih Boentoro, Director of RBMS after the Annual General Meeting of Shareholders (AGMS) held in Jakarta on Friday (5/19/2017).
In its 2016 annual report, the company obtained profit balance deficit of IDR21.13 billion, which made the company unable to pay dividends.
In 2016, Ristia Bintang was only able to achieve revenues of IDR17 billion, equivalent to 32 percent of the total target obtained by the company in the previous year. Ristia Bintang projects revenues and profits to rise 10 percent this year.
Meanwhile, throughout the first quarter of 2017, the company posted sales dropping to IDR551 million compared to IDR1,17 billion in the first quarter of 2016. As a result, the company recorded a net loss of IDR4.33 billion, jumping from IDR2.9 billion.
"The property market in the first quarter is still stagnant, sales earlier this year have not been significant, especially since the economic condition has not fully improved, making the property business not yet exciting," he said.