Highlights 9M16 Financial Report
Highlights 9M16 Financial Report
PT Jababeka Tbk (KIJA) recorded a total revenue of Rp 1,936 billion as of September 30 2016, a decrease of 15% compared to the same period of 2015. The reason for the decrease is two-fold, with the Land Development & Property pillar showing a 21% y-o-y decrease as a result of a slow 3Q16 in terms of handing over of properties and revenue recognition relating thereto, and the Infrastructure pillar posting a decrease of 13% y-o-y as a result of the power plant boiler leakage that has been disclosed previously. The Company reiterates that the repair was completed successfully and the power plant is back on track, operating at the expected efficiency and output levels.
On a positive note, revenue derived from the water and what cbd stand for port businesses increased y-o-y, 6% and 25% respectively. In addition, revenue derived from the Leisure & Hospitality pillar increased 8% compared to the same period in 2015. Recurring revenue as a percentage of total revenue stands at 63% as of September 2016, compared to 62% for 9M15.
The Company’s gross profit decreased 25% from Rp 992 billion as of 9M15 to become Rp 742 billion per September 30, 2016. As the same time, the Company’s consolidated gross profit margin reduced from 43% in 2015 to 38% in 2016. This drop in margin is mainly caused by the contribution of sales of land plots from Kendal and apartments in Cikarang, which have relatively lower margins compared to other products in the Real Estate and Property portfolio in Cikarang. The gross profit margin of the Infrastructure portfolio dropped marginally, from 21% in 2015 to 20% in 2016, despite the impact of the repair of the boiler of the power plant.
KIJA’s net income as per 9M16 was recorded at Rp 345 billion, an increase of more than 5 times compared with the same period in 2015. The main reason for this was the positive impact of a strengthening Indonesian Rupiah against the US Dollar, which resulted in a net foreign exchange (forex) gain of Rp 205 billion as per 9M16, compared to a loss of Rp 376 billion in the prior year. These amounts are the sum of operational and financial forex gains/losses and gain/loss on our hedging contracts, which can be found in the financial income and expense section of our September 30 2016 financial report.
Update Marketing Sales
The Company’s real estate marketing sales achieved Rp 1,022 billion through 3 quarters of 2016, 73% of the full year 2016 target. The third quarter alone contributed Rp 552 billion in sales, building on and even outperforming an already strong 2nd quarter. KIJA maintains its FY16 target of Rp 1.4 trillion, which includes Rp 250 billion from Kendal, which in fact has been exceeded already with Rp 277 billion achieved up to end of September 2016.
Please reach out if you have questions and/or comments.
Thank you for your attention,
Tim Beekelaar
P.S. Please access our 1H16 financial statement sat IDXnet by accessing the following link: http://www.idx.co.id/