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.