JAKARTA - PT Indo-Rama Synthetics Tbk. recorded a net profit of US$ 41.62 million in 2019, 32.63% lower than its record in 2018.
According to the company's financial statements, the decline in net profit was mainly caused by the 8.54% decline in revenue recorded in 2019, from US$ 839.45 million to US$ 767.74 million. Although cost of revenue also declined by 5.87%, from US$ 768.48 million (2018) to US$ 723.41 million (2019), the numbers could not support the decline in revenue, resulting a steep decrease in gross profit, 37.52% from US$ 70.97 million (2018) to US$ 44.34 million (2019).
Most of the company's revenue, 67.28%, came from exports (US$ 516.51 million), followed by the domestic market, 33.11% (US$ 254.16 million), although both results also showed a decline from 2018, 11.66% and 12.94%, respectively. (ARM/AR/AC)