JAKARTA - PT Kimia Farma Tbk (KAEF) achieved a 21.4% increase in revenue. However, the growth of the cost of goods due to acquisition costs, prompted the pharmaceutical issuer to record negative growth on the profit side.
The company's financial statements in the quarter I-2019, revealed that revenue reached Rp 1.81 trillion or grew by 21.4% compared to the same period last year. However, cost of goods sold also grew by 21.2% year on year (yoy) to Rp 1.18 trillion.
In the end, the company's gross profit was Rp 625 billion, up 21.1% compared to the first quarter of 2019 Rp 516 billion. This condition has eroded KAEF's net profit from Rp 30.9 billion in the first quarter of 2018 to Rp 16.7 billion in the first quarter of this year.
"The pressure in this bottomline was driven by interest cost due to the acquisition of PT Phapros Tbk," said Honesti Basyir, the President Director of KAEF when the company's public exposure took place on Tuesday (7/5). The acquisition of PEHA swallowed KAEF's funds of Rp 1.36 trillion. (AM/LM)