Rising Costs and Eroding Margins Lead to Rp38 Billion Loss for Ancol (PJAA) in Q1-2026

Jakarta, CNBC Indonesia — The performance of PT Pembangunan Jaya Ancol Tbk. (PJAA) in the first quarter of 2026 showed considerable pressure, even amid the Eid holiday momentum.

Based on the financial report as of 31 March 2026, the company’s revenue was recorded at Rp207.58 billion, a slight decrease from Rp210.80 billion in the same period the previous year.

However, this slight decline resulted in a significant weakening of performance at the bottom line. PJAA recorded a net loss of Rp38.43 billion, ballooning from a loss of Rp11.32 billion in the first quarter of 2025.

The performance pressure primarily stemmed from a surge in operational expenses. Direct expenses rose to Rp140.99 billion from Rp129.70 billion previously. Meanwhile, general and administrative expenses also increased to Rp64.72 billion from Rp59.44 billion.

This cost increase sharply eroded gross profit to Rp56.35 billion, from Rp74.18 billion in the same period last year. As a result, the company swung to an operating loss of Rp14.39 billion, compared to an operating profit of Rp17.41 billion in the first quarter of 2025.

Yet, the first quarter of this year included the Eid holiday period, which is typically a major contributor to tourism sector revenue. This situation indicates that increased visitor numbers did not necessarily translate proportionally into higher revenue, or there was pressure on per-visitor spending levels.

On the other hand, financial expenses remained an additional burden at Rp16.90 billion, reflecting a still substantial debt load in the company’s capital structure.

Nevertheless, there are positive signals from the liquidity side. Cash flow from operating activities surged significantly to Rp194.67 billion, from Rp22.42 billion previously. The cash and cash equivalents position also rose to Rp398.55 billion at the end of March 2026.

This condition shows that, in cash terms, the company remains quite solid. However, from a profitability perspective, the increasing cost pressures amid stagnant revenue pose a challenge.