Five Real Estate Companies' Profits Plummeted During the Covid-19 Pandemic

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Dwi Hadya Jayani 14/09/2020 15:18 WIB

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COVID-19 hit the property sector's performance hard. Five issuers experienced a decline in net profit, with some even recording losses in the first half of 2020.

Profit (Loss) of 5 Property Issuers (Semester I - 2019 & 2020)

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Five Real Estate Companies' Profits Plummeted During the Covid-19 Pandemic

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Profit (Loss) of 5 Property Issuers (Semester I - 2019 & 2020)

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The COVID-19 pandemic, lasting more than six months, has pressured businesses in the property sector. The financial performance of several companies in the first half of 2020 showed a decline compared to the same period last year.

The biggest performance decline occurred at PT Alam Sutera Realty Tbk (ASRI), which recorded a net loss of Rp 512.5 billion. Last year, the company recorded a net profit of Rp 158.8 billion.

Meanwhile, PT Ciputra Development Tbk (CTRA)'s profit fell by 42.8%, from Rp 296.4 billion to Rp 169.5 billion. PT Pakuwon Jati Tbk (PWON) had the highest net profit among the five other issuers, at Rp 482.6 billion in the first half of 2020. However, PWON's profit also fell significantly by 64.7% compared to the first half of 2019, which recorded a net profit of Rp 1.4 trillion.

Editor : Aria W. Yudhistira

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."