Despite Property Incentives, Agung Podomoro Land's Losses Still Bloated by 375% in 2021

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Reza Pahlevi 06/04/2022 11:40 WIB

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Agung Podomoro Land reported revenue of Rp4.26 trillion with a net loss of Rp650.36 billion in 2021.

Agung Podomoro Land's Revenue and Net Profit (2017-2021)

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Despite Property Incentives, Agung Podomoro Land's Losses Still Bloated by 375% in 2021

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Agung Podomoro Land's Revenue and Net Profit (2017-2021)

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PT Agung Podomoro Land Tbk's performance worsened in 2021 despite government incentives for the property sector. The company, with the stock code APLN, recorded revenue of Rp4.26 trillion but incurred a net loss of Rp650.36 billion in 2021.

Company revenue fell 14% from Rp4.96 trillion in 2020. This revenue decline caused the company's net loss to swell by 375% from Rp136.79 billion in 2020.

According to notes to the financial statements, the decline in APLN's revenue was due to decreased land sales and the absence of mall sales in 2021. Land sales dropped 52% to Rp779.8 billion from Rp1.63 trillion.

Furthermore, APLN did not sell any mall assets in 2021. In 2020, the company sold a portion of Central Park mall worth Rp704.97 billion.

APLN's bottom line has continuously deteriorated since 2017. The company recorded a profit of Rp1.28 trillion in 2017, which then decreased to Rp41.6 billion in 2018.

In 2019, the company recorded a loss of Rp8.7 billion. This loss increased to Rp136.79 billion in 2020 and further rose to Rp650.36 billion in 2021. *(Note: There appears to be a typographical error in the original text; the 2020 loss is likely Rp136.79 billion, not trillion.)*

Editor : Annissa Mutia

"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."