JAKARTA (Yosefardi) – Though sales jumped 69.8%, property developer PT Cowell Development Tbk (COWL) suffered loss of Rp119.79 billion in the first half of this year. It booked net profit of Rp13.08 billion in the same period of last year.
Net sales reached Rp290.8 billion, compared to Rp171.24 billion in the first half of 2014. The fixed cost jumped 82% to Rp124.79 billion and financial charges also surged 93.3% to Rp72.05 billion.
COWL also suffered foreign exchange (forex) loss of Rp111.9 billion in the period, against forex gain in the first half of 2014. The company has obtained loan of US$133 million from QNB SAQ Singapura and US$30 million from PT Bank QNB Indonesia Tbk.
COWL allocates capital expenditure (capex) of Rp1.3 trillion for this year. It targets to book marketing sales of Rp2.2 trillion this year.