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PT AGUNG Podomoro Land Tbk is selling Pullman Hotel Ciawi Vimala Hills Resort Spa & Convention, Ciawi through its subsidiary namely PT Putra Adhi Prima (PAP) to PT Bangun Loka Indah. The funds from the sale will be used by the issuer of APLN shares coded to finance the construction of a number of real estate projects to pay debts.
According to Corporate Secretary Agung Podomoro Land Justini Omas explained, the sale of Pullman Vimala Hills Hotel is a strategic step of the company to strengthen the company’s cash and continue the business efficiency program by reducing debt burden.
“With a stronger company cash, APLN now has a wider space to finance the construction of current projects, both hotels, residential and housing,” he wrote in an official statement, Monday (11/18), 2024.
Justini explained, the sale of Pullman Vimala Hills & Hotel is not a subsidiary or material transaction. This transaction is a business activity carried out by the company in order to generate business revenue and run routinely, repetitive and/or sustainable considering the company is engaged in real estate.
Launching APLN’s financial statements, the company recorded a liability of IDR13.91 trillion as of September 2024, down 6.47% compared to the same period last year of IDR14.87 trillion. The amount of short-term liabilities reaches IDR4.63 trillion, while long-term liabilities are IDR9.28 trillion.
In long-term liabilities, most Podomoro Agung Podomoro debt is in the form of long-term bank debt which reaches IDR5.81 trillion, while the company’s long-term bank debt is the same as in the same period last year IDR2.65 trillion. Agung Podomoro also owns a prepayment of sales and income received in advance of IDR3.11 trillion from before IDR2.98 trillion.
As for current liabilities, the highest company debt is found in other liabilities to third parties amounting to IDR1.78 trillion.
APLN successfully recorded profit reversal to a loss of IDR44.26 billion by September 2024, compared to the previous period of IDR1.28 trillion. The profit was successfully recorded even though the revenue performance fell from IDR3.91 trillion during the first three quarters of 2023 to IDR2.77 trillion. [katadata.com/photo special]
