JAKARTA. PT Ratu Prabu Energi Tbk's (ARTI) performance has yet to recover despite rising global oil prices. The company recorded a Rp 8.27 billion net loss in the first half of 2019 after a net profit of Rp 2.55 billion in the first half of 2018.
Based on the company's financial statements published on Friday (20/9), the loss was in line with the company's revenue drop of 35% to Rp 108.93 billion. The loss was posted after the company recorded high general and administrative expenses, with a gross profit of only Rp 27.90 billion.
Rising global oil prices have had little to no impact on ARTI's financial and stoock market performances. Its stock price remains idle at Rp 50 per share with a market cap of only Rp 392 billion, having not moved in the past year. (AM/MS)