PWON - Capex realization in 1H23

PWON - Capex realization in 1H23 The property issuer of the Gandaria City superblock, Pakuwon Jati (PWON), has spent IDR765 bn of its Capex to facilitate various development projects (e.g., Pakuwon Mall Bekasi) and the acquisition of Four Points by Sheraton Bali, Kuta in 1H23. As of 1H23, PWON recorded an increase in net profit and net revenue of IDR1.24 tn (+49.6% yoy) and IDR2.89 tn (+5.3% yoy), respectively. PWON's net revenue was primarily driven by recurring revenue, contributing IDR2.2 tn (+24% yoy) - which consists of income from the retail mall, office leasing, and hospitality amounting to IDR1.53 tn (+22% yoy), IDR155 bn (+4% yoy), and IDR522 bn (+38% yoy), respectively. Segment-wise revenue distribution saw retail leasing as the dominant contributor at 53%, followed by hotel and apartment services at 18%, office leasing at 5%, condominiums at 7%, land house sales at 14%, and office spaces at 3%. On another note, PWON's pre-sales performance in 1H23 witnessed a decline, as pre-sales realization amounted to IDR600 bn (-25% yoy). (Source : Bisnis.id)