Property developer PT Bakrieland Development Tbk (ELTY), one of Bakrie Group's subsidiaries, today reported a 35.1% increase in net income last year on the back of higher revenue.
In an official statement today, Bakrieland booked Rp178.7 billion net income last year from Rp132.3 billion in the previous year.
Adding to that, income from operations augmented 44.9% to Rp241.7 billion from Rp166.8 billion, while gross profit increased 34.4% to Rp669.3 billion from Rp498.1 billion. Operating margin reached 17.7% from 15.8%, representing a 12.8% higher.Revenue was Rp1.37 trillion, reflecting a 29.1% rise from Rp1.06 trillion. The company's revenue was underpinned by its business segment dubbed City Property with 35.1% contribution. Landed residential segment counted 29.5% of its consolidated revenue, while hotel and resort and toll road segments contributed 29.2% and 6,2% respectively.
Disclosure: No position at the stock mentioned above.
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