JAKARTA. PT SinarMas MultiArtha (SMMA)'s net profit declined by 79.07% YoY in the third quarter (Q3) of 2020 to Rp1.21 trillion, mainly due to lower revenue and higher expenses.
According to the company's financial report published today (4/11), the company's revenue in Q3 2020 was recorded at Rp28.29 trillion, lower than its record in Q3 2019 (Rp30.52 trillion).
The company recorded a decline in profit from various segments, including profit from stock investments (from Rp4.84 trillion to Rp21.32 billion) and mutual funds investments (from Rp1.50 trillion to Rp469.30 billion).
Aside from lower revenue, the company's net profit also depressed by the increase in total expenses, from Rp24.75 trillion to Rp27.06 trillion. (AM/AR)