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Nusantara Infrastructure's net profit declined by 19.95% YoY in 2019, despite increase in revenue

20 April 2020 11:08

JAKARTA - PT Nusantara Infrastructure Tbk (META) recorded a net profit of Rp 143.81 billion In 2019, 19.95% lower than its record in 2018 of Rp 179.65 billion, despite a 101.30% increase in revenue, from Rp 781.77 billion in 2018 to Rp 1.57 trillion in 2019.

However, direct costs and cost of sales rose sharply, 359.11%, from Rp 330.66 billion (2018) to Rp 1.16 trillion (2019), resulting in a 7.87% drop in gross profit, from Rp 451.11 billion (2018) to Rp 415.58 billion (2019). Majority of the 2019 revenue came from construction revenues, amounting Rp 943.52 billion, but the spent the same amount for construction costs, making the profit from construction in 2019 Rp 0.

TBIG managed to reduce their general and administrative costs by 27.60%, from Rp 217.21 billion (2018) to Rp 157.26 billion (2019) and netted other income of Rp 2.83 billion, making their operational income rose 15.40% from Rp 226.30 billion in 2018 to Rp 261.15 billion in 2019.

Financial costs also went down by 66.07%, from Rp 206.55 billion (2018) to Rp 70.08 billion (2019), but in 2018 the company managed to gain Rp 276.00 billion profit from the sales of a subsidiary, namely the Rp 1.04 trillion transaction of PT Komet Infra Nusantara (KIN), making the profit in 2018 still higher than 2019. (ARM/AC/AR)

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