Pan Brothers’ net profit slipped 70% yoy

03 October 2022 14:05

JAKARTA. PT Pan Brothers Tbk (PBRX) posted a net profit of USD 3.38 million in the first half of 2022, 70% lower than the profit recorded in the same period last year.

According to idnfinancials.com data, PBRX scored a net profit of USD 11.41 million in H1 2021. The net profit in this period was supported by its half-year sales that clocked up to USD 300.78 million.

However, in H1 2022, PBRX’s sales only reached USD 296.01 million. Although it, in fact, only shrank 1.58% year-on-year (yoy), the rest of the expenses incurred by the company did not follow the declining trend.

For instance, PBRX’s cost of sales in H1 2022 shifted 0.21% yoy higher, so did its financial expenses of 3.94% yoy. Furthermore, other expenses also surged significantly, almost 11 times higher, to USD 6.71 million.

For the record, PBRX still relied on its export in H1 2022. Its export activities brought in USD 275.72 million, while its domestic sales only generated USD 20.63 million.

Until June 30, 2022, its total assets reportedly clocked up to USD 704.47 million, while its equity arrived at USD 295.25 million. (KR/ZH)

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