JAKARTA. The decline in rubber prices last year had a significant impact on the performance of PT Kirana Megatara Tbk (KMTR), which made the company only able to record a net profit of Rp 1.58 billion in 2018, 99.7% lower than its profit in 2017 (Rp 423.58 billion).
Quoting the KMTR's Financial Report which was released on the Indonesia Stock Exchange (BEI) in March 2019, the significant decrease in KMTR's profit was due to the low sales value (Rp 10.16 trillion) in 2018. The sales value dropped 16% from 2017, which reached Rp 12, 10 trillion.
Of these revenues, rubber finished goods posted the highest revenue of Rp 10.13 trillion, palm oil sales contributed Rp 22.3 billion and raw rubber contributed Rp 3.3 billion.
Meanwhile, the company's selling expenses in 2018 fell to Rp. 9.48 trillion from Rp 10.75 trillion in 2017. KMTR's asset value in 2018 also fell slightly to Rp 3.54 trillion from Rp 3.55 trillion in 2017. (AM/AR)