Meikarta Case Entanglement: Lippo Cikarang's Financial Performance Over the Past Five Years

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Adi Ahdiat 08/03/2023 11:01 WIB

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The numerous problems plaguing the Meikarta project appear to be impacting the finances of PT Lippo Cikarang Tbk, one of its parent companies.

Net Profit/Loss of PT Lippo Cikarang Tbk (2018-Q3 2022)

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Meikarta Case Entanglement: Lippo Cikarang's Financial Performance Over the Past Five Years

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Net Profit/Loss of PT Lippo Cikarang Tbk (2018-Q3 2022)

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PT Lippo Cikarang Tbk (LPCK) is the parent company of PT Mahkota Sentosa Utama (MSU), the developer of the Meikarta apartment project in Cikarang, Bekasi Regency, West Java.

In 2018, the Meikarta project was embroiled in a bribery case related to permits. That same year, LPCK divested 50.28% of its shares in MSU to a foreign company, Hasdeen Holdings Ltd., headquartered in Singapore.

This left LPCK with a remaining 49.72% stake in MSU. Amidst these circumstances, the Meikarta project continued to face problems, including bankruptcy lawsuits from contractors and vendors, and stalled construction, with many consumers yet to receive the apartment units they purchased.

These various problems plaguing the Meikarta project appear to have impacted LPCK's finances.

Based on financial reports published on the official website of the Indonesia Stock Exchange (BEI), at the end of 2018, LPCK still managed to record a net profit attributable to the parent entity of Rp1.96 trillion.

However, at the end of 2019, this net profit dropped drastically to Rp310.91 billion. Then, coinciding with the emergence of the pandemic, at the end of 2020, LPCK recorded a net loss of Rp3.65 trillion, and returned to a net profit of Rp185.32 billion at the end of 2021.

As of Q3 2022, LPCK achieved a net profit of Rp274.19 billion. However, analyst Jono Syafei from PT Henan Putihrai Asset Management predicts that LPCK's financial performance at the end of 2022 could decline, influenced by negative sentiment from the Meikarta case.

"Looking at LPCK's third-quarter performance, it's likely to be lower than the previous year," said Jono, as reported by *Katadata.co.id* on Wednesday, March 8, 2023.

Editor : Adi Ahdiat

"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."

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Meikarta Case Entanglement: Lippo Cikarang's Financial Performance Over the Past Five Years

Meikarta Case Entanglement: Lippo Cikarang's Financial Performance Over the Past Five Years

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Meikarta Case Entanglement: Lippo Cikarang's Financial Performance Over the Past Five Years

Meikarta Case Entanglement: Lippo Cikarang's Financial Performance Over the Past Five Years

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