JAKARTA - PT Multi Indocitra Tbk (MICE) recorded a decline in net profit by 22.06% to Rp 4.52 billion in the first quarter of 2019. In the same period last year, the company posted net profit of Rp 5.80 billion.
According to MICE Corporate Secretary Ali Arifin, the decline in net profit was caused by rising promotional cost. “Promotional cost surged 72%,” he told Kontan.co.id, Tuesday (14/5).
Furthermore, Mr Arifin explained that the promotional cost was used for MICE products such as Kalla, Feira White, and Barry M. Throughout Q1, the company’s sales were mainly supported by Pigeon products.
Until the end of the year, MICE targets revenue growth of 20% to 30%. Mr Arifin added that the company hopes Barry M products, which will be launched in Q2, can be distributed in the near future so that the target can be achieved. (MS)