Top 30 Indonesian Public Hospitality Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
Q3 2025 showed a mixed but overall improving picture for Indonesian hospitality: strong earners (cinema & Bali/Leisure resorts) posted solid 9M top-line growth vs prior year, while smaller hotel names still struggle with narrower margins and in some cases continuing net losses. Several mid-cap hotel companies reported recovery in room revenue and F&B but were pressured by finance costs and FX movements during 9M25. The cinema operator (CNMA) and beachfront resort owner (BUVA) stood out as material net-earners in 9M25, while smaller single-asset hotels reported continued losses.
Below is a compiled list of the 30 hospitality / hotels-resorts-related issuers listed on the IDX:
PT Panorama Sentrawisata Tbk (PANR)
PT Nusantara Sejahtera Raya Tbk
PT Bukit Uluwatu Villa Tbk
PT Pollux Hotels Group Tbk
PT Eastparc Hotel Tbk
PT Dafam Property Indonesia Tbk
PT Hotel Sahid Jaya International Tbk
PT Sunter Lakeside Hotel Tbk
PT Hotel Fitra International Tbk
PT Red Planet Indonesia Tbk / PSKT
PT Hotel Mandarine Regency Tbk
PT Hotel Properti Internasional
PT Jaya Hospitality / Jakarta Intern. Hotels & Development
PT Island Concepts Indonesia Tbk
PT Jakarta International Hotels & Development Tbk
PT Indonesian Paradise Property Tbk
PT Hotel Fitra International Tbk
PT Bukit Darmo Property Tbk
PT Pikko Land Development Tbk
PT Bayu Buana Tbk
PT Panorama Sentrawisata Tbk
PT Citra Putra Realty Tbk
PT Menteng Heritage Realty Tbk
PT Grand House Mulia Tbk
PT Jakarta Setiabudi Internasional Tbk
PT Surya Semesta Internusa Tbk
PT Intra GolfLink Resorts Tbk
PT Idea Indonesia Akademi Tbk
PT Jaya Bersama Indo Tbk
PT Grahamas Citrawisata Tbk

2) Q3-2025 earnings highlights Top 10 Indonesian hospitality public companies
1. PT Nusantara Sejahtera Raya Tbk CNMA (Cinema XXI)
Q3 / 9M-2025 net income (IDR): Rp 444.9 billion (9M25).
Equivalent (USD): ≈ $26,640,719.
Brief: Cinema operator Cinema XXI recorded sustained revenue (~Rp4.3 trillion 9M25) with net profit of ~Rp445bn through Sep 30 2025 profit down around mid-teens YoY but still the largest net earner among hospitality peers. This reflects resilient box-office recovery and operational scale.
2. PT Bukit Uluwatu Villa Tbk - BUVA
Q3 / 9M-2025 net income (IDR): Rp 108.6-109.1 billion (reported ranges in filings/news).
Equivalent (USD): ≈ $6,526,946 (Rp109bn → ≈ $6.53M).
Brief: Resort owner reported a strong rebound (large YoY jump in net income in Q3/9M), benefiting from leisure tourism and asset recoveries.
3. PT Pollux Hotels Group Tbk - POLI / Pollux
Q3 / 9M-2025 net income (IDR): Rp 65.8 billion (Q3/9M disclosed in filings).
Equivalent (USD): ≈ $3,940,120.
Brief: Pollux posted a marked improvement QoQ and YoY with net profit recovery driven by higher occupancy and cost discipline.
4. PT Panorama Sentrawisata Tbk - PANR
Q3 / 9M-2025 net income (IDR): Rp 54.1 billion (Q3 result announced).
Equivalent (USD): ≈ $3,239,521.
Brief: Panorama (travel & tour operator / hotel management exposures) recorded revenue growth ~16% and a 58% rise in net income YoY for Q3 as year-end holiday sales picks up.
5. PT Eastparc Hotel Tbk - EAST
Q3 / 9M-2025 net income (IDR): ≈ Rp 20.9 billion (9M25).
Equivalent (USD): ≈ $1,251,497.
Brief: Eastparc reported positive net profit (9M25), though margins compressed vs prior period; revenue growth and stable operating cashflow were noted.
6. PT Dafam Property Indonesia Tbk - DFAM
Q3 / 9M-2025 net result (IDR): Net loss Rp 4.6 billion (Q3 2025).
Equivalent (USD): ≈ -$275,449.
Brief: Dafam reported a narrower loss vs prior year (improvement from deeper prior losses) - signs of operational stabilization but still small net loss for Q3.
7. PT Hotel Sahid Jaya International Tbk - SHID
Q3 / 9M-2025 net result (IDR): Net loss Rp 55.2 billion (Q3 / 9M cited in filings).
Equivalent (USD): ≈ -$3,305,389.
Brief: Sahid reported increased losses Sept 30, 2025 vs prior year, pressured by lower occupancy in some properties, higher financing costs and provisions. Full interim filing is available in the company's Q3 report.
8. PT Sunter Lakeside Hotel Tbk - SNLK
Q3 / 9M-2025 net result (IDR): Net loss Rp 5.7 billion (9M25).
Equivalent (USD): ≈ -$341,317.
Brief: Sunter Lakeside saw revenue decline ~20.5% to ~Rp30.05bn (9M25) and widening losses (vs prior year). Management flagged margin pressure from falling room/F&B revenue.
9. PT Hotel Fitra International Tbk - FITT
Q3 / 9M-2025 net result (IDR): Net loss Rp 5.7 billion (Q3/9M reported).
Equivalent (USD): ≈ -$341,317.
Brief: Hotel Fitra reported a modestly smaller loss YoY; revenues show small improvement but margins still negative.
10. PT Red Planet Indonesia Tbk - PSKT / Red Planet
Q3 / 9M-2025 net result (IDR): Net loss ≈ Rp 7.96 billion (9M25 consolidated).
Equivalent (USD): ≈ -$476,647.
Brief: Red Planet's consolidated Q3/9M reports show slightly higher losses (operations impacted by some temporary closures/renovations but scale remains small). Management disclosed temporary closure/renovation of certain properties that were immaterial to consolidated continuity.
3) Key trends & insights from Q3 2025 (hospitality)
Scale wins (cinema & multi-asset groups): Larger operators with diversified revenue streams (cinema chain CNMA, multi-resort BUVA, bigger hotel groups like Pollux) delivered the most consistent profits scale allowed fixed-cost dilution and better F&B/ancillary margins. CNMAs Rp~445bn profit highlights scale advantage.
Leisure demand rebound but uneven recovery: Bali / resort-oriented assets and leisure-destination owners outperformed city-centrics. Domestic holiday demand strengthened in Q3 (pre-year-end bookings), lifting room revenues for resort players.
Smaller single-asset hotels still fragile: Single-hotel issuers (SNLK, FITT, SHID) continued to face occupancy swings, higher unit operating costs (labour, energy) and financing costs that kept net profit negative.
Cost & financing pressure: Several companies referenced elevated finance costs and provisions; in some case these eroded gains from higher revenue. FX (IDR volatility) also affected group-level expenses for companies with forex exposures.
Seasonality & forward bookings: Managements (particularly PANR and POLI) flagged stronger year-end holiday bookings and A-/B-class domestic travel trends indicating Q4 is expected to benefit from tourism seasonality.
4) Outlook for Q4 2025 and beyond
Q4 is seasonally stronger: Many hospitality companies guided to an improved Q4 on the back of year-end holiday travel and corporate events. If bookings hold, room revPAR and F&B revenue should improve sequentially for most operators.
Watch interest rates & FX: High finance costs remain a downside risk. Companies with meaningful debt could see margins squeezed further if rates remain elevated smaller issuers are most exposed.
Consolidation & asset plays: Given the performance dispersion, expect selective asset sales, renovations, and possible M&A or strategic alliances (brand management deals) companies will push to improve asset yields ahead of 2026. Larger groups with balance-sheet flexibility may pursue opportunistic expansion.
Domestic demand resilience; inbound recovery is the upside: Domestic travel is the immediate driver; further inbound tourist recovery (from key markets) would be a significant upside for Bali/resort names and city hotels. Monitor visa / travel policy and airline seat capacity data for leading indicators.
5) Conclusion
Q3-2025 shows an industry in recovery but uneven: larger multi-asset operators and high-traffic leisure names delivered meaningful profits (CNMA, BUVA, POLI, PANR), while many single-asset hotels still reported losses or slim margins due to occupancy volatility and financing costs. Q4-2025 is expected to be better seasonally, but interest-rate and FX risks remain the principal downside. Investors should favor scale, diversified revenue and healthy balance sheets when screening hospitality issuers in Indonesia.

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