Jakarta, CNBC Indonesia – The share price of the state-owned construction company, PT PP Tbk (PTPP) has been corrected by 10.19% at the level of Rp. 1,630 / share in the last month from this Wednesday afternoon (17/3/2021). Since the beginning of the year or year to date, the shares have been minus up to 13%.
The correction in PTPP’s shares coincided with the correction of other BUMN construction shares such as PT Wijaya Karya Tbk (WIKA) which also subsided 13.25% in the past month. Meanwhile, the Composite Stock Price Index (JCI) in the past month edged down 0.24% to 6,277 levels.
IDX data noted that on Wednesday’s trade, PTPP’s shares were still up in a day, namely 4.82% along with other BUMN construction shares in line with the sentiment of relaxing the final income tax rate (PPh) for construction services.
Relaxation in Presidential Decree (Keppres) 4/2021 on the Government Regulation Formulation Program was signed by President Jokowi on March 8, 2021.
Referring to IDX data, PTPP shares today were traded for Rp 144 billion with a trading volume of 88.88 million shares. One week its shares rose 6.19%, a month corrected 10.19%, and since the beginning of the year (year to date / YTD) PTPP’s shares have collapsed by nearly 13% or 12.6% to be precise.
Foreign investors even sold PTPP shares amounting to Rp 34.46 billion in the last month, and foreign YTD escaped Rp. 40 billion in the regular market.
The company has just reported its 2020 financial performance on the IDX this Wednesday. Referring to financial reports, at the end of 2020, the holding company of PT PP Properti Tbk (PPRO) was forced to record a sharp decline in net profit of up to 84.28% on an annual basis (year on year / YoY).
Last year, the company’s net profit was recorded at Rp. 128.75 billion, falling from the position at the end of 2019 which was valued at Rp. 819.46 billion.
The value of net earnings per share also fell significantly from the previous Rp 132 to Rp 21.
The decrease in net profit was due to the company’s revenue contracting 32.84% YoY to Rp 15.83 trillion. This value is down from the same period the previous year which amounted to Rp 23.57 trillion.
This decrease in income also lowered the cost of revenue to Rp 13.65 trillion from the previous Rp 20.25 trillion. Operating expenses also fell to Rp. 583.70 billion, from Rp. 820.87 billion.
However, during the past year there was a decline in value reaching Rp 288.62 billion, up from the previous position of Rp 190.50 billion. This comes from gross receivables and receivables, oil and gas assets, and projected financial assets.
Then, there was a return on divestment of subsidiaries and other investments that decreased to Rp 7.67 billion from Rp 92.59 billion.
Then the financial burden also increased to Rp 894.58 billion from the previous Rp 782.15 billion.
The share of joint venture profits rose to Rp 449.91 billion from Rp 200.19 billion previously. Meanwhile, the share of losses from associated entities actually increased to Rp 214.44 billion from Rp 136.82 billion.
Other income at the end of December 2020 increased to IDR 61.81 billion from IDR 281.27 billion. However, other expenses also increased to Rp. 255.82 billion from Rp. 125.75 billion.
In that period, PTPP’s asset value was recorded at Rp.53.47 trillion, experiencing a reduction from the position at the end of 2019 which was valued at Rp.56.13 trillion. Current assets were recorded at Rp. 33.92 trillion and non-current assets at Rp. 19.54 trillion.
In the liabilities post, there was a decline over the past year to IDR 39.46 trillion from IDR 41.11 trillion previously. Short-term liabilities were recorded at IDR 27.98 trillion and long-term liabilities closed at IDR 11.47 trillion.
The company’s equity at the end of 2020 reached IDR 14.006 trillion, down slightly from the position at the end of December 2019 which was IDR 15.01 trillion.
(bag bag)
– .
