Beyond Balance-Sheet Repair: Earnings Quality, Refinancing Risk, and Strategic Renewal in the Turnaround of PT Pembangunan Jaya Ancol TBK (Journal of Business Research and Reports)

Summary

• Reported revenue declined 2.1% year over year to Rp781.774 billion, while operating profit declined 28.9% and net profit 56.5%.p.1
• The current ratio fell from approximately 2.22 at December 2025 to 1.01 at September 2026, reflecting in part Rp446.030 billion in bonds scheduled to mature in July 2027.p.1
• Nine-month operating cash flow declined to Rp80.675 billion, while investing inflows included Rp175.917 billion of nonroutine toll-road compensation.p.1
• The gross margin narrowed from 44.9 percent to 40.8 percent.p.5
• Tourism-ticket revenue fell from Rp537.846 billion to Rp514.968 billion, while sponsorship grew from Rp21.716 billion to Rp33.920 billion.p.6
• Cash and cash equivalents rose from Rp278.521 billion to Rp335.068 billion during the nine months.p.6

Key insights

1. Profit deterioration was much larger than the decline in revenue: operating profit fell approximately 28.9 percent and net profit approximately 56.5 percent.p.5
2. Gross profit declined approximately 11.1 percent as direct expenses rose from Rp440.034 billion to Rp463.070 billion.p.5
3. Kiosk, land and building rental revenue declined from Rp108.723 billion to Rp81.818 billion, approximately 24.7 percent.p.6
4. Hotel and restaurant revenue rose from Rp49.897 billion to Rp57.583 billion, approximately 15.4 percent.p.6
5. The current portion of bonds rose from Rp65.400 billion to Rp446.030 billion because of the July 9, 2027 maturity of the 2024 Series A notes, a calendar-driven shift that is not a default.p.6
6. Customer cash receipts fell from Rp834.059 billion to Rp753.313 billion.p.7
7. Total investing cash flow was positive Rp111.583 billion, largely because it included Rp175.917 billion received as compensation for a toll-road development project.p.7