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APL eyes high revenue despite halt of its reclamation project
Despite facing the halt of its reclamation project in Jakarta Bay, publicly listed property giant PT Agung Podomoro Land (APL) remains upbeat that it will be able to reach its targeted revenue of Rp 3.5 trillion (US$263.31 million) this year
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The Kalibata City apartment complex in South Jakarta is one of Agung Podomoro Land's low-cost apartment compounds in Jakarta. (Kompas.com/Raditya Helabumi)
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espite facing the halt of its reclamation project in Jakarta Bay, publicly listed property giant PT Agung Podomoro Land (APL) remains upbeat that it will be able to reach its targeted revenue of Rp 3.5 trillion (US$263.31 million) this year.
APL is the owner of Islet G, one of 17 islets planned to be constructed in the Jakarta Bay.
The uncertainty surrounding the islet’s status lead to APL’s fixed idA- rating for the April 2018-2018 period from local bond ratings agency Pefindo, indicating that APL is more susceptible to adverse changes in economic conditions.
The company had only booked Rp 500 billion in revenue in the first quarter of 2017.
APL vice president director Veri Y Setiadi said APL was still relying on the sales of its residential buildings, which cover more than 70 percent of the firm’s overall revenue, and recurring revenue sources from malls and hotels located throughout the country.
Veri declined to elaborate on whether the construction of Islet G, which has cost APL hundreds of billions of rupiah, was showing any sign of progress.
“We will just follow whatever instructions the government has for us because it [the reclamation] is part of the government’s grand project,” he said, adding that once the islet was finished, it would be used for both commercial and non-commercial purposes. (dea/bbn)
