LPKR Booked 8.5% Sales Growth Yet Suffered Massive Currency Loss

2 months ago . 1 min read
RY
Robert Yota
Writer at Forbes Indonesia
LPKR Booked 8.5% Sales Growth Yet Suffered Massive Currency Loss
John Riady, CEO of PT Lippo Karawaci. Photo courtesy of PT Lippo Karawaci.

Publicly listed integrated property company PT Lippo Karawaci (LPKR) booked revenue growth in 1Q-2020, mainly driven by sales growth in the company’s property and healthcare segments.

LPKR recorded revenue of Rp 3.10 trillion in 1Q-2020, up 8.5% (YoY) as opposed to Rp 2.85 trillion from the same quarter last year. The company’s healthcare sector booked revenue of 1.87 trillion in this year’s first quarter, which is a 9.7% increase from 1Q-2019. Meanwhile, LPKR’s property segment contributed Rp 678 billion in 1Q-2020, up 12.3% from the same quarter last year and its shopping mall sector slightly grew by 1.7% into Rp 126 billion in 1Q-2020.

LPKR’s management said the company’s primary source of income for the property segment originated from the sales realization of the newly-constructed Orange County apartment complex on top of Lippo Cikarang shopping mall in Bekasi, West Java. The apartment booked a Rp 279 billion revenue in 1Q-2020, a noticeable 62% growth as opposed to the same period last year when Orange County was still being marketed during its construction. The company also recorded a Rp 59 billion revenue from the sale of industrial land and a Rp 57 billion revenue from selling shop houses (Ruko).  In 1Q-2019, the company didn’t book any income from the two segments above.

On the other hand, LPKR also booked a significant Rp 2.11 trillion loss in 1Q-2020 as opposed to the same quarter last year when the company booked a net profit of Rp 50. The company suffered a Rp 2.39 trillion currency loss during this year’s first quarter as the Rupiah weakened to a record-low Rp 16,625 against USD during the escalation of the COVID-19 outbreak in March.

RY
Written By
Robert Yota
Writer at Forbes Indonesia
Topics
Companies