High expenses brought HEXA’s profit down
JAKARTA. PT Hexindo Adperkasa Tbk (HEXA), a heavy equipment company under Hitachi Group, recorded an increment in revenue from April to December 2022 of 32.85% year-on-year (yoy) to USD 410.35 million. However, higher expenses caused HEXA’s profit to shrink to USD 34.98 million.
Throughout the last 9 months in 2022, HEXA increased its revenue to USD 410.35 million from the same period in 2021 of USD 308.87 million. Third-party sales contributed the most to the total revenue with USD 249.92 million, shifting 38.67% yoy from USD 180.21 million.
Unfortunately, several increases in its expenses ended up dragging the current year’s net profit down from USD 39.90 million to USD 34.98 million. Costs of revenue increased 43.16% yoy from USD 227.20 million to USD 325.27 million, following increased costs of heavy equipment and its spare parts from the supplier. The selling expenses also shifted from USD 15.17 million to USD 19.92 million.
Regarding its balance sheet, HEXA recorded total assets of USD 442.56 million throughout April-December 2022, growing from USD 304.64 million seen in March 2022. Its liabilities also increased from USD 144.94 million in March 2022 to USD 291.94 million at the end of December 2022. On the other hand, its equity shrank from USD 159.70 million to USD 150.62 million. (AM/ZH)