JAKARTA - PT BRI Agro Tbk (AGRO), a subsidiary of PT BRI (Persero) Tbk (BBRI) collected net profit for the current year of Rp 51.06 billion during 2019, down compared to the same period last year, recorded profit of Rp 204.21 billion. The decline in profits was due to an increase in operating expenses in 2019 compared to 2018.
As quoted from the Financial Statements as of December 31, 2019, the decline in net profit for the current year is contrary to the revenue that has increased from year to year. In 2019, BRI Agro earned Rp 693.21 billion in revenue, up from Rp 675.93 billion in 2018. The increase in income was supported by interest income from loans in rupiah amounting to Rp 1.99 trillion and foreign currencies by Rp. 62.85 billion. Whereas in 2018, interest income from loans in rupiah will amount to Rp 1.64 trillion and interest income from loans in foreign currency will be Rp 16.09 billion.
However, operating expenses other than net interest were recorded at Rp 621.71 billion, up from Rp 384.23 billion. Therefore, this affected the operating profit performance to Rp 71.41 billion, down from Rp 291.68 billion in the 31 December 2018 period. (LK)