Jakarta. PP Properti, the property developer unit of state-construction firm Pembangunan Perumahan, posted a 22 percent surge in net income last year on the back of increased property sales.
According to the company's consolidated financial statement released on Wednesday (01/02), PP Properti's net income rose to Rp 365 billion ($27 million) last year from Rp 300 billion the year prior.
The company's revenue rose 40 percent to Rp 2.1 trillion, while sales grew to Rp 2.01 trillion, 45 percent higher from the year prior.
PP Properti's projects include, Grand Kamala Lagoon, a mixed-used development on 25 hectares of land in Bekasi. Other projects include Bukit Permata Puri, a housing complex in Semarang; Grand Sungkono Lagoon in Surabaya; and Grand Slipi Tower in West Jakarta.
The company boosted its recurring income to Rp 134 billion last year, a 7.8 percent increase from 2015, from its hotels, shopping malls and office buildings.
PP Properti, which trades under the PPRO stock ticker on the Indonesia Stock Exchange (IDX), closed 0.39 percent lower on Wednesday to Rp 1,265, which was less than the benchmark index which gained 0.6 percent.