JAKARTA - PT Barito Pacific Tbk’s (BRPT) performance was still under pressure in the first half of 2019 with its net revenue dropping 16% year on year (yoy) and net profit plummeting 73.8%.
Based on the company’s financial statements as of June 30, 2019 and published on Monday (30/9), the company posted net revenue amounting to US$ 1.30 billion, down 16% from US$ 1.55 billion in 1H-2018.
Barito Pacific’s cost of revenue and direct costs also dropped 11.90% to US$ 973.43 million, bringing its gross profit to drop 26.18% yoy to US$ 328.87 million. Selling expenses increased 7.26% yoy to US$ 22.47 million, while loss on associates and joint ventures surged 113.06% to US$ 7.18 million.
On the other hand, the company managed to lower several expenses such as general and administrative expenses to US$ 451.38 million, financial expenses to US$ 99.18 million, and foreign currency losses to US$ 1.16 million. Thus, Barito Pacific’s current period profit amounted to US$ 67.74 million in 1H, down 50.34% from US$ 136.41 million in 1H-2018. (AM/MS)