Markets Property

ELTY Net Profit Declines 24.36%

Bakrieland Development Tbk (ELTY) has posted a net profit of IDR 46.77 billion in the first half of 2017, down 24.36 percent from IDR 191.99 billion year-on-year (YOY), due to an increase in sales expenses, interest expense, and loss on available-for-sale securities investments.

Based on its financial statements, ELTY recorded a growth of 20.17 percent to IDR 615.57 billion. The company’s gross profit also increased by 26.48 percent to IDR 283.8 billion.

On the other hand, the company’s sales expense surged by 45 percent to IDR 24.19 billion. Interest and financial expenses also rose by 15.5 percent to IDR 49.01 billion. The company also recorded unrealized loss on available-for-sale securities investments amounting to IDR 14.1 billion. These factors suppressed the net profit.

The company is planning to restructure bond debt worth IDR 3.6 trillion this year. The financial statements show the total short term liabilities reached IDR 6.09 trillion as of June 30, 2017. (*)

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Hari Widowati

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