JAKARTA - PT Acset Indonusa Tbk (ACSET) experienced a net loss of Rp 124.44 billion in Q1/2020, 37.21% higher compared to the Rp 90.70 billion loss in Q1/2019.
The increase in net loss can be attributed to the decline in revenue, Rp 477.61 billion in Q1 2020, 40.78% lower compared to the achievement of Rp 806.67 billion in Q1/2019. Along with the decline in revenue, the company also noted 30.68% decline in cost of revenue, from Rp 707.53 billion (Q1/2019) to Rp 490.44 billion (Q1/2020).
Corporate Secretary of ACSET Maria Cesilia Hapsari explained that the decline in performance was due to the delay of a number of strategic projects caused by the COVID-19 pandemic. "The company also experienced direct and indirect impacts of the COVID-19, as reflected in the achievements in the first quarter," he said.
In Q1/2019, the company gained 88.26% of its revenue from construction services to third parties, 3.94% from construction support services to third parties, 2.99% from trading to third parties, and 4.81% from construction services to related parties. However, in Q1/2020 the proportion changed to 68.90%, 19.77%, 1.18%, and 9.87%, respectively.
The proportion changed mainly because to the steep decline in construction services to third parties, 53.78%, from Rp 711.97 billion (Q1/2019) to Rp 329.07 billion (Q1/2020) and trading to third parties, 76.53%, from Rp 24.11 billion (Q1/2019) to Rp 5.66 billion (Q1/2020) and the significant increase in construction services to third parties, 197.15%, from Rp 31.77 billion (Q1/2019) to Rp 94.40 billion (Q1/2020) and 21.46% increase from construction services to related parties, from Rp 38.83 billion (Q1/2019) to Rp 47.16 billion (Q1/2020). (ARM/AC/AR)