JAKARTA - Despite experiencing a revenue growth of 4.1% to Rp 122.32 billion in 2019, PT Betonjaya Manunggal Tbk's (BTON) net profit fell by 95% to Rp 1.36 billion, due to the increase in cost of goods sold.
According to the company's financial statements, the company's cost of goods sold rose by 24.2% to Rp 106.51 billion in 2019.
This caused the company's gross profit to decline by almost 50% from Rp 31.78 billion to Rp 15.81 billion, Coupled with the increase in several other posts, such as financial, sales and administrative expenses, the company's profitability plummeted. (ARM/AR)