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Rising costs erode AKR Corporindo revenue

19 March 2019 03:05 PM  Company: PT. AKR Corporindo Tbk[AKRA]
Rp. 3,940  -20 (-0.51%)

JAKARTA. PT AKR Corporindo Tbk (AKRA) recorded revenue of Rp 23.55 trillion in 2018, up 28.76% year on year (yoy) from Rp 18.29 trillion.

The trade and distribution segment of fuel became the main contributor to the company's revenue which jumped by 42.60% to Rp. 17.14 trillion from Rp 12.02 trillion. Revenues from basic and other chemical sales also rose 16.52% to Rp 5.29 trillion.

The increase in revenue was accompanied by a surge in cost of revenue, which rose 33.92% to Rp 21.99 trillion from Rp 16.42 billion. AKRA's gross profit fell 17.11% to Rp 1.55 trillion from Rp 1.87 trillion, with its gross profit margin slipping to 6.58% from 15.21%.

In the end, AKRA's net profit reached Rp 1.64 trillion in the 2018 financial year, up 33.33% compared to the previous year's profit of Rp 1.23 trillion.

Meanwhile at the end of December 2018, AKRA's short-term liabilities jumped 48.43% to Rp 8.06 trillion from Rp 5.43 trillion. This surge came from short-term bank loans which reached Rp 1.31 trillion from the previous Rp 271.49 billion.

AKRA has short-term bank loans of Rp 816.09 billion that will mature on May 28, 2019 from Bank Danamon and short-term bank loans from Bank Mandiri worth Rp 274.52 billion which will mature on November 9, 2019. Whereas operating debt from third parties amounts to Rp 5 trillion, up from Rp 3.78 trillion in the previous year. (AM/MS)

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PT. AKR Corporindo Tbk [AKRA]   Rp. 3,940   -20 (-0.51%)