JAKARTA - PT Terregra Asia Energy Tbk (TGRA) managed to book a net profit of Rp 2.84 billion at the end of the first quarter of this year. The amount increased compared to the loss experienced by the company in the first quarter of last year amounting to Rp 203.7 million.
Based on TGRA's financial statements which ended on March 31, 2020, the company's net revenue fell by around 51.78% to Rp 2.85 billion from Rp 5.91 billion in Q1 2019.
In the first quarter of this year, the contribution to revenue came from the electricity sales segment of Rp 2.78 billion and rental of Rp 62.71 million. Whereas in the same period last year, contributions from trading were recorded at Rp 5.85 billion and rental at Rp 60.92 million.
TGRA succeeded in pressing its cost of goods sold to Rp 1.71 billion from Rp 3.52 billion in the first quarter of 2019. In addition, the company managed to record gain on foreign exchange of Rp 4.23 billion. As a result, the company recorded a net profit in the first quarter of Rp 2.84 billion. (LM)