JAKARTA. PT Intikeramik Alamasri Industri Tbk (IKAI) posted a Rp 58.23 billion net loss despite a revenue increase of 2% year on year (yoy) to Rp 57.21 billion in the third quarter of 2019.
According to IKAI CEO Teuku Johas Raffli, the revenue increase was supported by the hotel sector, which was acquired at the end of last year. Revenue from the sector amounted to Rp 55.85 billion, while revenue from ceramic sales was recorded at Rp 1.36 billion.
The company's Q3 revenue is 72% of its 2019 revenue target of Rp 80 billion.
IKAI managed to book a gross profit of Rp 44.82 billion from a Rp 147.69 million gross loss in the same period last year. However, the company posted a Rp 58.23 billion net loss due to depreciation costs from fixed assets after the acquisition of the hotel sector. (AM/MS)