JAKARTA - PT Astrindo Nusantara Infrastruktur Tbk (BIPI) has announced the first quarter 2019 financial report. The results of the financial statements show an increase in revenues from US$ 0.37 million in Q1 2018 to US$ 16.04 million at the end of March 2019.
The Company's strategic steps to begin consolidating the financial statements of PT Mitratama Perkasa ("MP") since mid-2018 continued and are expected to provide a better picture of the performance of the company and subsidiaries in 2019.
The cost of revenue also increased to US$ 2.45 million, but BIPI managed to score a gross profit of US$ 13.59 million. This shows a positive performance from the gross loss experienced by the company last year of US$ 0.10 million.
President Director of BIPI, Ray Anthony Gerungan added, "The achievement of the first quarter of 2019 is the result of the Company's strategy in optimizing our focus in integrated mining infrastructure, and we are confident of being able to maintain this positive performance throughout 2019.”
Debt restructuring in 2018 also gave positive results reflected in the company's finance cost in the first quarter of US$ 15.27 million. This figure dropped compared to the previous period of US$ 21.99 million. As a result, BIPI managed to record a net profit of US$ 6.05 million in the first quarter of this year. (LM)