Profit of Mall Developer Pakuwon Jati (PWON) Drops by 11.4%

Jakarta, CNBC Indonesia — The issuer of the Kota Kasablanka and Gandaria City malls, PT Pakuwton Jati Tbk (PWON), recorded profit attributable to the owners of the parent entity of up to Rp1 trillion for the first semester of this year. This profit achievement represents an 11.4% decrease from the Rp1.13 trillion recorded in the first semester of 2025.

According to financial reports submitted through the Indonesia Stock Exchange (BEI) information disclosure, revenue up to the first semester of this year rose slightly by 0.01% to Rp3.37 trillion. Although revenue growth remained relatively flat, the company increased efficiency in its cost of revenue, which fell by 2.7% to Rp1.45 trillion from Rp1.49 trillion.

This reduction in the cost of revenue drove gross profit up by 2.2% to Rp1.92 trillion, compared to Rp1.87 trillion in the first semester of 2025. Regarding operating expenses, selling expenses were successfully reduced by 5.29% to Rp156.3 billion from Rp165.05 billion. However, general and administrative expenses increased by 10% to Rp296.3 billion compared to Rp269.2 billion in the same period last year.

Meanwhile, finance costs decreased by 3.38% to Rp178.4 billion from Rp184.6 billion, while final tax expenses rose by 1.25% to Rp220.5 billion compared to Rp217.81 billion. From the perspective of other income, interest income increased by 4.15% to Rp301.56 billion from Rp288.57 billion. The company also recorded a net gain from derivative financial instruments of Rp85.15 billion, a reversal from a loss of Rp7.9 billion in the first semester of 2025.

Conversely, the gain from bond tender offers, which stood at Rp30.41 billion in the first semester of 2025, was no longer recorded in the first semester of 2026. Net foreign exchange losses improved by 22.3% to Rp55.3 billion compared to Rp71.12 billion in the same period last year. Meanwhile, other net items turned into a loss of Rp142.08 billion, an increase of 29.6% from the loss of Rp109.7 billion in the first semester of 2025.

The combination of these various changes caused pre-tax profit to drop by 9.58% to Rp1.2 trillion from Rp1.39 trillion. Nevertheless, net income tax expenses decreased by 15.2% to Rp1.88 billion compared to Rp2.22 billion in the same period last year. Total assets for PWON up to the first semester of this year reached Rp37.6 trillion, compared to assets at the end of 2025 which reached Rp36.4 trillion.