JAKARTA (Yosefardi) – Property developer PT Bakrieland Development (ELTY) Tbk booked net loss of Rp1.2 trillion last year, ballooned from Rp19 billion only in 2011.
According to the company’s financial statement for the year ended December 31, 2012 published only recently, sales revenue actually surged from Rp1.93 trillion to Rp2.94 trillion last year.
Bakrieland posted gross profit of Rp1.82 trillion, doubled from Rp924 billion in 2011. General and administration expenses, however, surged from Rp537 billion in 2011 to Rp725.6 billion last year.
Bakrieland’s financial charges also ballooned to Rp473.8 billion, while provision for declining value of assets reached Rp515 billion.
The company, controlled by Bakrie Group, had total total assets and equity of Rp15.2 trillion and Rp9.18 trillion respectively as at December 31, 2012.