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Acset Indonusa suffers Rp 752.31 billion loss in the third quarter

01 November 2019 13:40

JAKARTA - PT Acset Indonusa Tbk (ACST) recorded a net loss of Rp 752.31 billion at the end of the third quarter of this year. In the same period last year, Acset posted a net profit of Rp 92.91 billion.

This loss was driven by Acset's cost of goods sold which rose sharply from Rp 2.20 trillion in 3Q 2018 to Rp 3.20 trillion in 3Q 2019. For information, the cost of revenue was dominated by subcontractors of Rp 1.77 trillion, a drastic increase compared to last year amounted to Rp. 712.96 billion.

"In this period, ACSET posted a net loss of Rp 752 billion, which was caused by delays in the completion of several Contractor Pre-Financing (CPF) projects and structures. This has an impact on increasing funding costs, overhead costs, and other costs allocated to accelerate the completion of these projects,” said Acset management in a press release.

Acset revenue jumped 12.28% yoy to Rp 3.06 trillion compared to the same period last year of Rp 2.73 trillion. The biggest contribution to revenue comes from the construction segment. Based on business lines, the company's net income is dominated by the infrastructure sector which contributed 72%, construction by 17%, foundation by 8% and other sectors by 3%. (LM)

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