Recreation park operator Pembangunan Jaya Ancol (PJAA) booked net profit of Rp131 billion in first quarter (Q1) of 2017, dropped 55% from Rp291 billion in the corresponding period of 2016. Revenues rose 13.44% to Rp1.28 trillion, from Rp1.13 trillion in Q1 last year. The profit drop was mainly due to higher other expenses, as some kavling sales were cancelled and the new hotel project was halted. PJAA opted to postpone sales of kavling as the property market has not recovered yet. The moratorium for reclamation of Jakarta Bay were also the issues.
